The monopolist is ________.
a. a perfect competitor and has a downward sloping demand curve
b. an imperfect competitor and has a horizontal demand curve
c. an imperfect competitor and has a downward sloping demand curve
d. a perfect competitor and has a horizontal demand curve
Answer: c. an imperfect competitor and has a downward sloping demand curve
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The precautionary demand for money is when people hold money
A) as a medium of exchange. B) for the interest it yields. C) to meet unplanned expenditures. D) as a store of value.
Total surplus in a market will increase when the government
a. imposes a binding price floor or a binding price ceiling on that market. b. imposes a tax on that market. c. Both a and b are correct. d. Neither a nor b is correct.
The difference in wages that results from nonmonetary characteristics of different jobs is called the
The nonlabor income of households will decrease, causing consumption to decrease and labor supply to increase, if the government
A. implements expansionary fiscal policy. B. increases transfer payments. C. decreases the personal income tax. D. increases the corporate profits tax.