The U.S. Postal Service has found its monopoly eroded over time because
a. the demand for mail delivery has become more inelastic
b. Congress has taken away their monopoly over first-class mail
c. the U.S. Postal Service cannot handle the volume of transactions
d. the price of stamps has increased relative to other substitutes, such as the telephone, email, and online transactions
e. of the decline in the use of fax machines
D
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Assume that the market for soybeans is perfectly competitive. Currently, firms growing soybeans are experiencing economic profits. In the long run, we can expect
A. new firms to enter, causing the market price of soybeans to increase. B. some firms to exit, causing the market price of soybeans to increase. C. some firms to exit, causing the market price of soybeans to decrease. D. new firms to enter, causing the market price of soybeans to decrease.
When the government sets a price floor which is below the equilibrium? price:
A. a price ceiling will follow.
B. a shortage will develop.
C. a surplus will develop.
D. the equilibrium price will be maintained.
In 2013, ABC Corporation had total earnings of $200 million and 40 million shares of the corporation's stock were outstanding. If the price-earnings ratio for ABC is 20, then what is the price of a share of its stock?
a. $5 b. $10 c. $80 d. $100
Real gross domestic product (GDP) increases if
a. current prices increase b. current quantities increase c. current prices are constant d. nominal GDP increases e. nominal GDP decreases