When there are fewer substitutes available for a good, _____
a. the demand for the good is unit elastic
b. the supply of the good is perfectly elastic
c. buyers pay less of the tax than the sellers
d. sellers pass more of the tax burden to the buyers
d
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A cartel is a group of firms
A) acting separately to limit output, lower price, and decrease economic profit. B) acting together to limit output, raise price, and increase economic profit. C) legally fixing prices. D) acting together to erect barriers to entry. E) that compete primarily with each other rather than the other firms in the market.
If the current price of a bond is greater than its face value
A) an investor will receive a capital gain by holding the bond until maturity. B) the yield to maturity must be less than the coupon rate. C) the coupon rate must be less than the current yield. D) the coupon rate must be equal to the current yield.
The natural rate of unemployment when seasonally adjusted includes
A) frictional and structural unemployment but not cyclical. B) frictional and cyclical unemployment but not structural. C) frictional unemployment only. D) cyclical and structural unemployment but not frictional.
In the loanable funds market, the price that borrowers must pay for earlier availability is the
a. inflation rate. b. wage rate. c. interest rate. d. exchange rate.