Classical economists traditionally believed that:
a. there are three motives for demanding money.
b. a change in the money supply can affect real GDP.
c. the transactions demand for money influences the velocity of money.
d. the velocity of money is constant.
e. the economy does not always operate at full employment.
d
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Using the Figure 13.3 above explain why this firm could not possibly represent a monopolist. What type of firm is represented by this graph and why?
What will be an ideal response?
If a monopoly is price discriminating between two groups, A and B, based on observable customer characteristics, there is no difference in the marginal cost of selling to the two groups, and the elasticity of demand for group A is -1.5 while the elasticity of demand for group B is -2.1, which of the following is true?
A. The markup and price for group A customers will be higher than for group B customers. B. The markup and price for group B customers will be higher than for group A customers. C. The markup for group A customers will be higher than for group B customers, but there is not enough information to determine which price will be higher. D. The price for group A customers will be higher than for group B customers, but there is not enough information to determine which markup will be higher.
If AVC is subtracted from the ATC, the result is: a. economic profit
b. accounting profit. c. average fixed cost. d. marginal cost.
Women in the workplace seem to be narrowing the wage gap with males. What might be the cause of this shift during the past 25 years?