A firm that is a price maker can
a. limit output and raise prices.
b. ignore the law of demand.
c. ignore the elasticity of the demand for the product.
d. both limit output and raise prices and ignore the elasticity of the demand for the product.
a. limit output and raise prices.
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A risk averse person's utility of wealth curve has a
A) positive slope and becomes steeper to the right. B) positive slope and becomes flatter to the right. C) negative slope and becomes steeper to the right. D) negative slope and becomes flatter to the right.
In an open economy with global capital markets and mobile capital:
A) a country has control over both its domestic money supply and exchange rate. B) a country has control of either its domestic money supply or exchange, but not both. C) a country only has control over its domestic money supply. D) a country only has control over its exchange rate.
The total amount of consumption of a society can be increased if
a. firms allow each worker to perform multiple tasks. b. resources are allocated by a central planning group. c. individuals engage in specialization and voluntary trade. d. barter exchange is used in place of money.
When you make a routine, everyday decision it is called
a. habit b. programmed c. nonprogrammed d. geocentric