In general, the demand for the product of a monopolistic competitor is
A) unitary elastic.
B) relatively inelastic.
C) relatively elastic.
D) perfectly elastic.
C
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Prior to the advent of MCI (later named Worldcom) the telecommunications industry largely relied on one kind of technology – the copper wire
Why do you suppose that the use of microwave technology employed by MCI offered an important challenge to the principle of natural monopoly that existed at the time justifying the reliance on one company – AT&T.
The distinction between discretionary fiscal policy and the use of automatic stabilizers is that
a. only discretionary fiscal policy can stimulate the economy. b. only automatic stabilizers can stimulate the economy. c. discretionary fiscal policy, once adopted, is built into the structure of the economy. d. automatic stabilizers, once adopted, are built into the structure of the economy.
A wheat farmer sells wheat to a grain broker Chicago. Since the market for wheat is generally considered to be competitive, the wheat farmer maximizes his profit by choosing
a. to produce the quantity at which average variable cost is minimized. b. to produce the quantity at which average fixed cost is minimized. c. to sell its wheat at a price where marginal cost is equal to average total cost. d. the quantity at which the farm's marginal cost of production is equal to the market price.
All of the following are components of the Federal Reserve system except the:
A. Federal Deposit Insurance Corporation. B. 12 regional Federal Reserve banks. C. Federal Open Market Committee. D. Board of Governors.