Which of the following is not an example of natural monopoly?
A. water systems
B. electricity transmission
C. local telephone services
D. farm products
Answer: D
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If a lower price for a Pepsi decreases the demand for a Coke, the cross elasticity value for Pepsi and Coke is
A) definitely negative. B) definitely equal to zero. C) definitely positive. D) definitely greater than one. E) possibly negative, positive, or zero, but there is not enough information to decide.
In a simplified system where all banks have uniform reserve requirements and checkable deposits are the only form of money, the money multiplier is equal to 1 over the required reserve ratio
a. True b. False Indicate whether the statement is true or false
Throughout the 1980s, accounting departments in U.S. universities were unable to fill many available faculty positions. This fact suggests that the salaries offered by these departments
A. suffered from the cost disease of the service sector. B. were below the market price for qualified accountants. C. created externalities. D. failed to reflect productivity growth in teaching.
Which of the following is most accurate?
A. In all cases, competitive markets yield more consumer surplus than would be enjoyed in a monopoly market with the same cost structure. B. In all cases, competitive markets yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. C. In some cases, competitive markets can yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. D. In all cases, competitive markets yield the same consumer surplus that would be enjoyed in a monopoly market with the same cost structure.