Pure monopoly is able to exist because the firm’s product is better than the substitutes that are available in the market.
Answer the following statement true (T) or false (F)
False
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A price tag of $400 for a tablet device is an example of money as
A) a store of value. B) a time deposit. C) a unit of accounting. D) a medium of exchange.
An increase in the marginal factor cost of labor will
A) lead to an increase in the quantity demanded of labor. B) induce a firm to hire fewer workers. C) lead to an increase in the value of an additional worker. D) cause the value of the marginal product of labor to increase.
Why does pure competition provide consumers with the largest consumer and producer surpluses?
What will be an ideal response?
Federal Reserve notes are
A. both an asset and a liability to the Federal Reserve System. B. a liability of the Federal Reserve System. C. a liability to the United States Treasury. D. an asset to the Federal Reserve System.