The amount of power that a monopoly has depends on whether there are close substitutes for its product
a. True
b. False
Indicate whether the statement is true or false
True
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Multiplier effects occur when there is a change in spending which does not depend on income. Spending which does not depend on income is referred to as
A) coincident spending. B) nominal spending. C) autonomous expenditures. D) induced expenditures.
Consider the following statements when answering this question. I. If no consumer has a kinked demand curve for CDs, then the market demand curve for CDs cannot be kinked either. II
If at a price of $10, every consumer has inelastic demand, then at that price the market demand for CDs will be inelastic too. A) I and II are true. B) I is true, and II is false. C) I is false, and II is true. D) I and II are false.
Celia buys 24 gallons of gasoline per month when the price is $2 per gallon, but only 16 gallons if the price rises to $3 per gallon. Within this range, her demand for gasoline is
a. unitary elastic b. perfectly inelastic c. perfectly elastic d. inelastic e. elastic
An economic boom in America should increase the
a. demand for U.S. dollars. b. demand for U.S. goods and services. c. demand for foreign currencies. d. supply of foreign currencies.