Ebay has created a _______ market for goods that previously had purely _______ markets.
Fill in the blank(s) with the appropriate word(s).
global; local
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In a monopolistically competitive market there are
A) many firms. B) one firm. C) a very small number of firms. D) two firms.
Tariffs are considered to be a popular tax in the first world countries who justify them on the basis of the revenue they generate for government spending
a. True b. False Indicate whether the statement is true or false
Refer to Figure 5.2, which shows a family of average cost curves. The average fixed cost at a given level of output is represented by:
A. the vertical distance between Curve 1 and Curve 2 at a given level of output. B. the vertical distance between Curve 1 and Curve 3 at a given level of output. C. the vertical sum of Curve 1 and Curve 2 at a given level of output. D. the vertical sum of Curve 1 and Curve 3 at a given level of output.
Suppose that the equilibrium nominal interest rate is 4 percent and the equilibrium quantity of money is $1 trillion. At any interest rate above 4 percent,
A) less than $1 trillion will be demanded and bond prices will fall. B) more than $1 trillion will be supplied and bond prices will fall. C) there is a shortage of money and the interest rate will rise. D) more than $1 trillion will be supplied and the interest rate will rise. E) less than $1 trillion will be demanded and bond prices will increase.