Coca-Cola has a secret formula that has never been copied. This is because Coca-Cola
a. is an unbalanced oligopoly
b. has a trademark that cannot be copied
c. has patent rights on the formula
d. has exclusive access to formula information
e. is a natural monopoly
D
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The money supply can be increased by decreasing the required reserve ratio.
Answer the following statement true (T) or false (F)
Patrick lives near two gas stations, Exxon and Shell. If Exxon decreases the price of gas, we predict that the quantity of gasoline demanded at Shell will
A) decrease because Exxon and Shell gas are complements. B) decrease because Exxon and Shell gas are substitutes. C) increase because Exxon and Shell gas are substitutes. D) increase because Exxon and Shell gas are complements. E) not change Exxon and Shell are different brands of gasoline.
The real wage
A) is the nominal wage divided by the price level. B) automatically increases with the cost of living. C) is the price level divided by the nominal wage. D) is the nominal wage multiplied by the price level.
Economic profit can be viewed as
a. a reward for bearing risks. b. an undeserved "reward" for exercising monopoly power. c. a reward for innovation. d. All of the above are correct.