Legal or governmental restrictions that give monopolistic advantages to a firm include all of the following EXCEPT
A) franchises.
B) environmental protection.
C) exclusive ownership of an unimportant resource.
D) patents.
Answer: C
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Which of the following statements is correct, when the exchange rate changes from €2/$ to €1.5/$?
a. The euro (€) depreciates. b. The dollar ($) appreciates. c. Both the euro and the dollar appreciate. d. Both the euro and the dollar depreciate. e. The euro appreciates and the dollar depreciates.
When MR < MC for a firm, the firm should
A) reduce its level of output. B) stay at the same level of output. C) stop producing. D) increase output, unless P < AVC.
If the price of a car in the United States is $26,000, and the exchange rate between the dollar and the British pound rises from $1.50 to $2.00 per pound, then the price of the American car in Britain will
A. rise. B. remain the same. C. fall. D. be irrelevant, because the British government will impose restrictions on imports from the United States.
Very few societies have used price controls.
Answer the following statement true (T) or false (F)