When you purchase a new surfboard you do so in the
A) factor market. B) input market. C) product market. D) resource market.
C
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Expansionary monetary policy consists of all of the following EXCEPT
A) open market sales. B) lower interest rates. C) increased monetary base. D) increased money supply.
Dominant price leadership exists when
A) one firm drives the others out of the market. B) the dominant firm decides how much each of its competitors can sell. C) the dominant firm establishes the price at the quantity where its MR = MC, and permits all other firms to sell all they want to sell at that price. D) the dominant firm charges the lowest price in the industry.
A country uses strategic trade policy to
A) increase profits that accrue to domestic producers. B) affect the exchange rate of its currency. C) impose countervailing duties. D) allow dumping of imports to increase consumer surplus.
When a monopolist maximizes profit, its marginal cost will
a. be less than its average fixed cost. b. be less than the price per unit of its product. c. exceed its marginal revenue. d. equal its average total cost.