Compared to perfect competition, a monopoly usually does not result in
a. higher prices.
b. the use of fewer resources.
c. a less elastic demand curve.
d. less profit.
d. less profit.
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The ________ of something is the gain or pleasure that it brings
A) rational margin B) marginal cost C) benefit D) opportunity cost E) rational choice
Required reserves for a commercial bank
A) are the minimum reserves that a bank must hold to back its deposits. B) are the reserves that a bank plans to hold in the bank's vault. C) are only the money used by the bank tellers. D) consist only of the bank's deposits at the Fed.
The principle of comparative advantage essentially states that
A) there are some goods for which the opportunity costs of production are the same regardless of who produces them. B) some goods have high opportunity costs and low absolute costs. C) specialization can reduce output rather than increase it. D) total output of an economic system is greatest when each good is produced by those who have the lowest opportunity cost of producing the good.
The economist in the 1930s who is credited with key insights into causes of economic downturns was:
A. Adam Smith B. David Ricardo C. Ben Bernanke D. John Maynard Keynes