A copyright creates a monopoly by restricting ________
A) the prices that can be charged
B) demand for the product
C) entry into the market
D) the number of creators and inventors
C
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If price changes by one firm induce rival firms selling close substitutes to alter their prices,
A) firms will be able to raise their prices without fear of losing sales. B) the demand curve will shift in response to a change in price. C) the original firm faces an elastic demand curve. D) the original firm faces an inelastic demand curve. E) there is no competition between the rival firms.
Depository institutions do all the following EXCEPT
A) minimize the cost of obtaining funds. B) create liquidity. C) pool risks. D) create required reserve ratios.
In the Keynesian model, if interest rates fall below what people consider normal, households will respond by
A) decreasing the saving rate. B) reducing the saving rate. C) holding more money. D) holding more bonds.
An example of moral hazard is
a. A taxi driver paid per mile taking the shortest route b. a piece-rate garment worker shirking more than a per jour worker c. an hourly salesman working harder than a commission salesman d. an author on contract going to fewer book signings as one with a percentage royalty rate