A monopoly firm is the only seller of a good or service that
A) does not need to be advertised. B) has no close complements.
C) does not have a close substitute. D) has a perfectly elastic demand.
C
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If you're interested in measuring changes in people's standards of living, the most appropriate measure to use is the growth in the nation's
a. nominal GDP b. real GDP c. capital-output ratio d. capital stock e. employment
If the elasticity of demand for a service is 0.4 and price is raised,
A. total revenue will fall. B. total revenue will rise. C. total revenue will stay the same. D. there is no way to determine whether total revenue will rise, fall, or remain the same.
An example of a derivative is a:
A. stock. B. fixed-income security. C. bond. D. futures contract.
A tariff on tires benefits domestic producers of tires.
Answer the following statement true (T) or false (F)