In a pure monopoly, price of a product is determined by which of the following?
a. Consumer Price Index (CPI)
b. Regulatory body
c. Referendum to the voters
d. Alternative product pricing strategy
Answer: b. Regulatory body
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The opportunity costs perceived by decision makers determine
A) both demand and supply curves. B) demand curves. C) either demand or supply curves, but not both in the same case. D) supply curves.
Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom. The explanation for this is likely that productivity grew faster in Canada and the U.S. than in the United Kingdom
a. True b. False Indicate whether the statement is true or false
Fill in this table. Assume that fixed cost is $100.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.