If the exchange rate is 1000 yen = $20, you would get ____ in American money for 1 yen.
Fill in the blank(s) with the appropriate word(s).
2 cents
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If an industry is monopolized by one firm, the four-firm concentration ratio equals
A) 1 percent. B) 25 percent. C) 40 percent. D) 100 percent.
If a firm is able to charge each customer the maximum amount that he or she is willing to pay for its good,
a. the firm is engaging in rent-seeking behavior b. profits for the firm will be lower than for a single-price monopolist c. the firm will be violating federal law d. this is perfect price discrimination e. barriers to entry into the market will fall
Suppose that the inflation rate was 4 percent in 2002 and 3 percent in 2003 . This would mean that
a. the price level fell from 2002 to 2003 b. the price level fell at a faster rate in 2003 than in 2002 c. the price level rose at a faster rate in 2003 than in 2002 d. the price level rose at a slower rate in 2003 than in 2002 e. all prices in the economy rose at a rate of 3 percent in 2003
Bill is a laborer. What is the relationship between Bill's wage and his opportunity cost of an hour of leisure?