A monopolist's demand curve:
A) is the same as the market demand curve.
B) is perfectly inelastic.
C) is perfectly elastic.
D) is the same as the marginal revenue curve.
Answer: A) is the same as the market demand curve.
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A clear effect of deregulating the airline industry has been to
A) eliminate price competition between airlines. B) make fewer flights available at popular times. C) raise average fares. D) reduce airline safety. E) reduce the average wage of pilots.
The fraction of deposits banks are required to keep as reserves is called the:
A) deposit requirement. B) reserve requirement. C) excess reserve requirement. D) none of the above.
The percentage of elementary and secondary educational expenditures financed by the federal government _____ between 1940 and 2000
a. increased from 5 to 10 percent b. increased from 2 to 7 percent c. stayed relatively constant around 5 percent d. increased from 3 to 13 percent
The relevant cost in economic decision-making is the opportunity cost of the resources rather than the outlay of funds required to obtain the resources
a. true b. false