Which statement is true?
A. If the Metropolitan Opera had every opera star in the world under contract, it would be considered a monopoly because it had control over an essential resource in its business.
B. There is no way to distinguish between the long run and the short-run if a monopoly is making a profit.
C. Until the early 1960s, the National Football League had control of an essential resource, star football players, and was therefore able to maintain its monopoly status until the American Football League started drafting college stars in the early 1960s.
D. All of the statements are true.
D. All of the statements are true.
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Checkable deposits are
A. assets of commercial banks and savings institutions. B. debts of the federal government and government agencies. C. assets of the federal government and government agencies. D. debts of commercial banks and savings institutions.
Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. Angus values playing the bagpipes at
A) $100. B) $150. C) $250. D) $600.
From a Keynesian viewpoint, the Phillips curve should slope ___________ so that higher unemployment means lower inflation.
a. down b. up c. perfectly vertical d. perfectly horizontal
Who may benefit from technological progress?
A) consumers B) workers C) firms. D) all of the above.