If an industry could be organized either perfectly competitively or as monopoly, a monopoly would
A) produce less output.
B) produce where P > MC.
C) charge higher prices.
D) All of the above
D
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The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, how many apartment units are rented?
A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct.
If an indifference map for a consumer is made up of straight, negatively sloped lines, the marginal rate of substitution ________ as more of the good on the horizontal axis is consumed
A) does not diminish B) diminishes C) increases D) More information is needed to answer the question.
Assume that business investment spending rises, and the increase is funded by greater borrowing in the capital markets. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to the current international transactions balance and monetary base in the context of the Three-Sector-Model? a. The current international transactions balance rises and
monetary base rises. b. The current international transactions balance falls and monetary base falls. c. The current international transactions balance falls and monetary base rises. d. The current international transactions balance and monetary base remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
The expenditure approach to GDP is calculated by adding up all earnings from resources used to produce output in the nation during the year
Indicate whether the statement is true or false