An insecure monopoly is one where:
A. a new patent has been granted.
B. the possibility of a second firm entering exists.
C. no other firms can enter.
D. price-fixing is illegal under the Sherman Act.
Answer: B
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When Johanna cut prices in her jewelry store by 20 percent, the dollar value of her sales fell by 20 percent. This indicates that
A. demand was elastic. B. demand was inelastic. C. demand was unit elastic. D. the demand curve was vertical.
What is Jim's opportunity cost of operating his own business?
a. the total amount of money he puts into capital equipment b. the value of his labor that is put into the business c. the cost of hiring his laborers d. All of the above are correct.
Other things constant, if domestic consumers purchase fewer foreign goods at each level of GDP in the short run:
A. GDP will rise B. GDP will fall C. Foreign countries' GDP will rise D. There will be no change in GDP in this country
What are two ways the government can use to maintain full employment in an open economy? Also give an example for each
What will be an ideal response?