Every country in the world has an independent central bank
Indicate whether the statement is true or false
FALSE
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Many art galleries keep 60% of the sale price of a painting. However, art galleries do not typically pay the artist while the painting hangs on the wall. This form of contingency contract may be efficient if
A) the artist is less risk averse than the gallery. B) the gallery is less risk averse than the artist. C) the artist is unable to diversify across galleries or paintings. D) the gallery is unable to diversify across artists of paintings.
Cross-elasticity of demand measures the responsiveness of the quantity demanded of one good to a change in the price of another good
a. True b. False Indicate whether the statement is true or false
All of the following are true regarding the relationship between price elasticity of demand and total revenues EXCEPT
A) when market demand is elastic, if the market price declines, then total revenues will rise. B) when market demand is unit elastic, if the market price rises, then total revenues will not change. C) when market demand is inelastic, if the market price falls, then total revenues will decrease. D) when market demand is inelastic, if the market price rises, then total revenues will decrease.
Firms ________ in monopolistic competition due to product differentiation.
A. have blocked entry B. are limited in number C. gain control over price D. have no control over price