Compared to a perfectly competitive industry, a monopoly produces a smaller output and charges a higher price.
Answer the following statement true (T) or false (F)
True
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In an economy, 40 million people are employed, 2 million are unemployed, and 8 million are not in the labor force. What is the labor force participation rate?
A) 83 percent B) 84 percent C) 80 percent D) 87.5 percent
Which of the following is correct?
a. The Federal Reserve is responsible for conducting monetary policy. b. The U.S. Treasury controls the money supply through its buying and selling of U.S. securities. c. The Treasury is a monetary agency with responsibilities very similar to those of the Fed. d. The Federal Reserve System issues U.S. securities.
A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time:
a. start-up costs b. merger c. patent d. monopoly e. deregulation
If a consumer has an income of $120, the price of X is $5, and the price of Y is $8. Which combination of the two goods is unattainable?
A. 2X and 13Y. B. 8X and 10Y. C. 12X and 8Y. D. 20X and 2Y.