If the financial innovations such as ATM machines make money demand less elastic than it was before, then
a. the LM curve will become steeper.
b. the LM curve will become flatter.
c. both the IS and LM curves will become flatter.
d. the LM curve will shift to the left.
A
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Competition among sellers generates
A) allocative efficiency. B) productive efficiency. C) equity. D) scarcity.
An oligopoly with two firms is known as:
A. a duopoly. B. a two-opoly. C. a double market. D. duopolistic competition.
This graph shows the cost and revenue curves faced by a monopoly. 
According to the graph shown, if this were a perfectly competitive market, the outcome in the short run would be:
A. Q1, P3. B. The graph is of a monopoly, and therefore there is no way to determine a perfectly competitive outcome. C. Q2, P2. D. Q1, P1.
Tractors, shovels, copy machines and computer programming expertise are all examples of scarce resources
a. True b. False Indicate whether the statement is true or false