When a monopolist integrates vertically with another monopolist the result:
a. is always beneficial to consumers.
b. is never beneficial to consumers.
c. may or may not be beneficial to consumers.
d. does not have any effect on consumers.
d. does not have any effect on consumers.
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If the demand for a good is perfectly elastic, the price elasticity of demand is ________ and the demand curve is ________
A) infinite; vertical B) zero; vertical C) zero; horizontal D) infinite; horizontal
If there is an increase in demand for a good,
a. there will be an increase in demand for the inputs that produce it. b. there will be a decrease in demand for the inputs that produce it. c. there will be an increase in supply of the inputs that produce it. d. there will be a decrease in supply of the inputs that produce it.
Tom's opportunity cost of mowing a lawn is 2 loads of laundry. Jen's opportunity cost of mowing a lawn is 1.5 loads of laundry. What is the range of prices for mowing a lawn at which Tom and Jen could both benefit from trade?
If the equilibrium exchange rate between U.S. dollars and Japanese yen is $0.007 = 1 yen, but currently the exchange rate is $0.009 = 1 yen, then with flexible exchange rates the dollar price of a yen will __________, and the yen will __________
A) increase; appreciate B) decrease; appreciate C) increase; depreciate D) decrease; depreciate