Natural monopolies have all of the following characteristics except
a. relatively high fixed cost
b. relatively low average variable cost
c. low levels of production
d. difficulty for new firms to enter
e. only one firm can produce profitably
C
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The Federal Reserve appears to tighten monetary policy after a trough __________ it eases policy after a peak in the business cycle
A) sooner than B) after about the same length of time as C) later than D) no sooner or later than
According to the indifference principle, housing prices
a. tend to converge over time b. tend to leave individuals indifferent about where they live c. only tend to be different to compensate individuals for differences in living conditions d. only B&C
Describe the effects on U.S. producers of steel, U.S. and consumers of steel, and the U.S. economy overall, after the United States imposed tariffs on steel imports in 2018. For the overall effect on the United States as a result of the steel tariffs, explain why it matters that the United States is a large importer of steel.
What will be an ideal response?
Equilibrium price is _____.
