Under perfect competition
A. many firms produce differentiated products.
B. prices are determined by the market and there are no price makers.
C. a few firms have an influence over price.
D. None of the choices are correct under perfect competition.
B. prices are determined by the market and there are no price makers.
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Which of the following was the earliest type of money?
a. Coins b. Barter c. Commodity money d. Token money e. Fiat money
Higher interest rates
A. Raise the present value of future payments. B. Lower the future value of current dollars. C. Reflect a higher opportunity cost of money. D. Result in a higher risk premium.
The Fed can increase the money supply by conducting open-market
a. sales or by raising the discount rate. b. sales or by lowering the discount rate. c. purchases or by raising the discount rate. d. purchases or by lowering the discount rate.
Strawberries, a normal good, are produced in a perfectly competitive market. Average consumer incomes increase. This will cause the individual strawberry farmer?s marginal revenue to ________ and their profit-maximizing level of output to ________.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease