Although there are barriers to entry in a monopolized industry, there are usually many close substitutes for the monopolist's product
a. True
b. False
B
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If you deposit $10,000 in a savings account at an annual interest rate of 6%, how much will you have in the account at the end of three years?
A) $8,396 B) $11,800 C) $11,910 D) $10,600
The dollar shortage in international exchange markets in the early 1950's was related to
a. an outflow of gold from the United States. b. large surpluses in the U.S. balance of trade. c. large deficits in the U.S. balance of trade. d. both an outflow of gold from the United States and large surpluses in the U.S. balance of trade.
If the Fed reduces the supply of money, the
A. AS curve shifts outward. B. AS curve shifts inward. C. AD curve shifts outward. D. AD curve shifts inward.
Figure 9.6 represents the market for health insurance. Suppose there are two types of consumers, low-cost consumers with $2,000 average medical expenses per year, and high-cost customers with $4,000 average medical expenses per year. Initially the insurance companies estimate that 40% of its customers are high-cost type. Compared to the outcome with pessimistic expectations, how many more customers buy health insurance?
A. 500 B. 1,300 C. 1,500 D. 1,600