All U.S. paper dollars read "This note is legal tender for all debts, public and private.". This statement represents which characteristic of US currency?
a. The U.S. operates under the gold standard.
b. U.S. paper money is commodity money.
c. U.S. paper money is fiat money.
d. U.S. paper money is a convenient store of wealth.
c
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By promoting its brand name heavily, the monopolistically competitive firm
A) earns more profit in the long run. B) signals its long-term intention to stay in the industry. C) signals its intention to leave the industry. D) guarantees a short run profit.
The U.S. Postal Service
a. has as much monopoly power now as it had 100 years ago b. has lost much of its market power due to new competitors and new technologies c. has increased its prices by less than the rate of inflation during the past 25 years d. is more mechanized and more computerized than its potential competitors e. is a perfectly competitive firm
In a market with a fixed number of firms, as long as price is above average
a. variable cost, each firm's marginal-cost curve is its supply curve. b. variable cost, each firm's average-total-cost curve is its supply curve. c. total cost, each firm's marginal-cost curve is its supply curve. d. total cost, each firm's average-total-cost curve is its supply curve.
Figure 4-18
Refer to . If the government imposes a price ceiling of $2.00 in this market, the result is a
a.
surplus of 30 units of the good.
b.
shortage of 20 units of the good.
c.
shortage of 30 units of the good.
d.
shortage of 50 units of the good.