An example of a public policy response to a monopoly is:
A. antitrust laws.
B. public ownership.
C. doing nothing.
D. All of these are examples.
D. All of these are examples.
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The horizontal axis in a graph
A) measures time in a scatter diagram. B) measures the quality of a variable. C) is named the y-axis. D) is named the x-axis.
Assuming the inverse demand function for good Z can be written as P = 90 - 3Q, when P = 20, the point price elasticity of demand is equal to (approximately):
A) -0.22. B) -0.29. C) -0.67. D) -4.5.
The major contributor to the long-run improvement of a country's standard of living is
A) low inflation. B) growth in government. C) population growth. D) technological progress.
Suppose that the exchange rate between the U.S. dollar and the Mexican peso is 1 peso = $0.11. If the U.S. dollar price per Mexican peso changes to 1 peso =$0.10, the peso is said to have __________ and the dollar to have __________
A) depreciated; appreciated B) appreciated; appreciated C) appreciated; depreciated D) depreciated; depreciated