Compared to perfect competition, monopolies charge
a. a lower price.
b. a higher price.
c. the same price.
d. a higher or lower price, depending on the monopoly.
b. a higher price
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If the Fed wishes to increase nominal interest rates, it must engage in an open market ________ of bonds to ________ the money supply.
A. sale; increase B. sale; keep constant C. sale; decrease D. purchase; increase
Refer to the production function. The average product at 5 units equals ________ units
Fill in the blank(s) with correct word
The leadership of unions must recognize that they face
A) an economic system that is hostile to the interests of workers. B) a no-win situation whenever they think a strike is necessary. C) a fundamental trade-off between higher wages for members and higher taxes for members. D) a fundamental trade-off between higher wages for members and fewer jobs for members.
What was the least important reason for the failure of the Virginia Company?
a. Difficulty in finding good crops to grow b. The Company's employees had unforeseen labor alternatives. c. There was a relatively small incentive for employees to work hard. d. The death rate was much higher than they expected.