A monopoly produces a product ________ and there ________ barriers to entry into the market
A) identical to its many competitors; are
B) with no close substitutes; are
C) identical to its many competitors; are no
D) with no close substitutes; are no
E) slightly different from those of its many competitors; are
B
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A nation's account with the International Monetary Fund is measured in an international unit known as
A) international reserves. B) special drawing rights. C) monetary deposits. D) monetary rights.
Economists who have studied the Phillips curve have concluded that it can shift due to all of the following EXCEPT
A) demand shocks. B) supply shocks. C) changes in household expectations of inflation. D) changes in firms' expectations of inflation.
According to the law of comparative advantage, both individuals and nations will be able to produce a larger joint output if each productive activity is undertaken by
a. the high opportunity cost producer. b. the low opportunity cost producer. c. the producer who is able to hire workers at the lowest wage. d. the party that can complete the productive activity most rapidly.
The price that we observe in the market is
A. the money price. B. the law of demand. C. the relative price. D. a substitute.