The natural monopoly in Figure 13.3 wants to produce:
A. Q1.
B. Q2.
C. Q3.
D. Q4.
Answer: B
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The lower the exchange rate, the cheaper are foreign-produced goods and services
Indicate whether the statement is true or false
The guiding function of price is
A) the movement of price to clear the market of any shortages or surpluses. B) the use of price as a signal to guide government on the use of market subsidies. C) a long-run function resulting in the movement of resources into or out of markets. D) the movement of price as a result of changes in the demand for a product.
Almost all of the rent that tenants pay to landlords of apartments buildings is economic rent
a. True b. False Indicate whether the statement is true or false
Which of the following activities is not counted in our calculations of GDP?
a. the purchase of a hammer for household repairs b. the labor services of a volunteer group building a home for a poor widow c. the purchase of new, domestically-produced tires for your old foreign car d. a haircut received and paid for at a beauty salon