A line that slopes downward from left to right has a positive slope
a. True
b. False
Indicate whether the statement is true or false
False
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A virtuous cycle occurs
A) when a firm can attract enough buyers initially to increase a product's usefulness to attract even more buyers. B) when lobbyists petition members of Congress to grant a public franchise; the lobbyist then raise money for those Congress members who granted the franchise. C) when monopoly profits are used to create new products for additional monopoly profits. D) when a firm's sales volume reaches a level where the firm can take advantage of economies of scale; thereby reducing the price of the product to further boost its sales.
The Keynesian revolution
a. was an attack on the classical supply-determined, full-employment theory of output and employment. b. attacked the quantity theory of money. c. shared with the classical model the belief that prices and wages are perfectly flexible. d. All of the above e. both a and b.
The spot market is:
a. Another term for an over-the-counter-exchange. b. The market for current delivery. c. The market for delivery in the future. d. The market for current deliveries but future payments.
Which of the following conditions is not required for price discrimination?
A. The seller must possess some degree of monopoly power. B. Buyers with different elasticities must be physically separate from each other. C. The good or service cannot be resold by original buyers. D. The seller must be able to distinguish buyers with different elasticities of demand.