The rapid spread of ATMs has:
A. resulted from changes in banking laws.
B. increased the demand for bank tellers.
C. reduced the demand for bank tellers.
D. increased the hourly wage paid to bank tellers.
Answer: C
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A problem with using the price of a product similar to the intermediate good sold on the market is
a. the market price includes a margin above marginal cost b. the product on the market may include costly features your downstream division does not use c. the product on the market may be cheap because it is not as high of quality as your downstream division uses d. all of the above
Which of the following changes in the exchange rate represents an appreciation of the dollar?
a. 100 yen = $1 to 90 yen = $1 b. 1 yen = $.10 to 1 yen = $.08 c. 1 peso = $10 to 1 peso = $11 d. 200 francs = $10 to 190 francs = $10
The marginal-cost curve intersects the average-total-cost curve at the minimum point of the marginal-cost curve
a. True b. False Indicate whether the statement is true or false
Suppose there are only four airlines that service the air route between two cities. If there is a barrier to entering the market (such as a limited number of gates), the market is best characterized as:
A. oligopolistic. B. perfectly competitive. C. monopolistically competitive. D. a pure monopoly.