If the rate of exchange for a pound is $4, the rate of exchange for the dollar is:
A. ¼ pound.
B. 4 pounds.
C. $.25.
D. $1.00.
A. ¼ pound.
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Refer to the market diagram. Relative to the surplus they would receive in a competitive market, consumers lose how much surplus because there is a monopoly?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area F + G + H
b. Area C + D + E
c. Area E + H
d. Area A + B
Problems of moral hazard and adverse selection occur most frequently when excessive information exists in markets
a. True b. False Indicate whether the statement is true or false
If Pizza Hut decreases its price for a large pizza by 25% and this leads to a 75% increase in sales, we can conclude that demand is relatively elastic with regard to price over that range
a. True b. False Indicate whether the statement is true or false
Without an accepted medium of exchange
A) people would have to rely on gold or silver in order to exchange goods and services. B) goods and services would be exchanged by barter. C) prices are very difficult to determine. D) there would be no trade.