When the U.S. Treasury purchases gold from a member of the non-bank public, the immediate effect is that __________ and __________
A) reserves increase; currency in circulation decreases
B) reserves decrease; currency in circulation increases
C) reserves increase; Treasury deposits decrease
D) reserves decrease; Treasury deposits increase
C
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For a firm to become a monopoly in an industry
A) barriers to entry must exist. B) the firm must charge higher prices than its competitors. C) the firm must produce a faulty product. D) the firm will engage in unfair practices to drive all competitors out of the market.
The price elasticity of supply is the __________________ change in the quantity supplied of a good or service divided by the percentage change in the price.
a. quantity b. percentage c. relative d. absolute
Either OR Decision
What will be an ideal response?
Economists are critical of monopoly because
A) monopolists can earn long-run economic profit. B) monopolists can create a deadweight loss. C) the demand for the monopolist's product is the market demand curve. D) economies of scope result in lower average costs.