According to the Cambridge approach to the quantity theory, people hold money:
a. to store their wealth.
b. to make transactions.
c. as a substitute for consumption.
d. only when they have to.
B
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The payroll tax represents
A. the largest source of revenue in the federal budget. B. the second largest source of revenue in the federal budget. C. the third largest source of revenue in the federal budget. D. the largest source of revenue in state government budgets.
An attempt by one oligopolist to increase its market share by cutting prices will leave competitors unaffected.
Answer the following statement true (T) or false (F)
In long-run equilibrium for a monopolistically competitive firm, the firm's ________ curve is just tangent to its average total cost curve.
A. supply B. marginal cost C. marginal revenue D. demand
Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound. The supply of Ostrich meat, other factors held constant, is:
a. price elastic. b. price inelastic. c. income elastic. d. income inelastic.