One of the economic effects of monopoly is income inequality.
Answer the following statement true (T) or false (F)
True
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Refer to Figure 3-1. An increase in the price of a substitute would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
A frim wishing to acquire a monopoly position would be willing to spend an amount up to its anticipated monopoly profit in rent-seeking activities
a. True b. False
If the cross-elasticity of demand for bacon with respect to price of beefsteak is positive, then:
a. an increase in the price of beefsteak will shift the demand curve for bacon outward. b. a decrease in the price of beefsteak will shift the demand curve for beefsteak outward. c. an increase in the price of bacon will shift the demand curve for beefsteak inward. d. a decrease in the price of bacon will shift the demand curve for beefsteak outward.
The most used tool of the Fed is:
A. open market operations. B. the reserve requirement. C. the discount window. D. These are all used with equal frequency.