Goldsmiths are considered to be the forerunners of modern banks because they:
a. had safes to keep gold secure
b. issued gold coins.
c. created money by lending out gold reserves.
d. created legal tender.
e. verified the quality of money.
c
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In the above figure, the tax incidence is
A) that most of it is paid by the buyers. B) that most of it is paid by the sellers. C) split equally so that the buyers and sellers pay the same amount. D) that neither the buyers nor the sellers pay it.
The existence of a natural monopoly stems from the size of the firm relative to the total market demand for the product of that firm
a. True b. False Indicate whether the statement is true or false
The supply curve for a monopolist is the upsloping portion of the marginal cost curve that lies above the average variable cost curve.
Answer the following statement true (T) or false (F)
A benefit to consumers of monopolistically competitive markets is that:
A. consumers only have to choose from one product. B. consumers have a variety of products from which to choose. C. goods are sold at the lowest possible average cost of production. D. price is equal to marginal cost in equilibrium.