The income that people receive is called
a. national income
b. personal income
c. disposable personal income
d. transfer payments
e. net national product
B
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If a monopsony finds that its MRP is greater than its MFC, it:
a. is doing the right thing to maximize profits. b. should hire fewer workers to increase profits. c. should hire more workers to increase profits. d. should pay the workers a lower wage. e. should produce less output.
If a monopolist raises its price
A) it raises the barriers to entry. B) the quantity demanded increases. C) the quantity demanded remains the same. D) the quantity demanded decreases.
When there is a shortage of dollars in the foreign exchange market, the
A) U.S. exchange rate will appreciate. B) supply curve of dollars shifts rightward to restore the equilibrium. C) demand curve for dollars shifts leftward to restore the equilibrium. D) U.S. exchange rate will depreciate. E) supply curve of dollars shifts leftward to restore the equilibrium.
Resale price maintenance
A) requires a retailer to sell a good no lower than the specified price. B) is illegal. C) is the price of a maintenance contract on a good, such as an extended service contract on a car. D) has a net negative impact on competition.