When paper currency is decreed by governments as legal tender, legally it must be
A) paper currency backed by gold.
B) a precious metal such as gold or silver.
C) accepted as payment for debts.
D) convertible into an electronic payment.
C
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In the table above, what price level belongs in space D?
A) 125 B) 130 C) 140 D) 145
All of the following are ways by which existing firms can deter the entry of new firms into an industry except
A) continuously producing new and improved products. B) advertising products aggressively. C) threatening to raise prices. D) earning less than maximum profit.
The antitrust laws are sometimes used by companies to reduce competition in their markets rather than enhance it
a. True b. False Indicate whether the statement is true or false
When marginal revenue is zero for a monopolist facing a downward-sloping straight-line demand curve, the price elasticity of demand is:
a. equal to 1. b. equal to 0. c. greater than 1. d. less than 2.