Which of the following is a characteristic of a monopoly firm?
A) horizontal individual demand curve
B) barriers to entry
C) easy entry and exit
D) many buyers and sellers
B
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The majority of dollars spent by government prior to the Great Depression was spending at the ________. In the post World War II period, two-thirds to three quarters of all dollars spent by government in the United States are spent at the ________
A) state and local levels; federal level B) state and local levels; state level C) federal level; state and local levels D) local level; state level
If a manager's expected marginal revenue exceeds their expected marginal cost, which of the following is true?
A) The expected profit from producing another unit is negative. B) The manager is maximizing expected profit. C) To maximize expected profit, the manager should decrease production. D) To maximize expected profit, the manager should increase production.
There have been no major banking panics in the U.S. since the creation of the Federal Reserve System
a. True b. False
If you fit a line through a scatter diagram of points that represent coordinates of consumer spending and disposable income, the slope of this line will equal the
a. propensity to consume b. variable propensity to consume. c. marginal propensity to consume. d. average propensity to consume.