The major characteristic of a monopoly is
a. the degree of control over price it can exercise.
b. its ability to produce numerous products.
c. its price elasticity of demand.
d. its source of revenue.
a. the degree of control over price it can exercise.
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A collective consumption good may be inefficiently produced by the private sector because _____
a. it is inefficient to raise price above marginal cost b. of free riding problems c. fixed costs are too high d. private producers are greedy
If bankers decide to keep a lower fraction of deposits on reserve, the money supply will
A. decrease. B. increase. C. remain unchanged. D. move more quickly through the economy.
Explain why insurance companies usually do not offer earthquake insurance
What will be an ideal response?
Which of the following was not a typical characteristic of subprime mortgages?
A. Low down payments B. Loans to borrowers with poor credit histories C. Limited incomes with which to make loan payments D. Fixed interest rates