Pure monopoly:
a. is characterized by a single supplier
b. is a market structure in which no close substitute products are available.
c. exists when entry and survival of potential competitors is extremely unlikely.
d. is characterized by all of the above.
d
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The Fed and the government are working against each other if, as the government cuts taxes to promote economic growth, the Fed
a. sells government securities. b. buys government securities. c. lowers the discount rate. d. lowers the prime rate.
Kelly has decided to start his own business giving sailing lessons. To purchase equipment for the business, Kelly withdrew $1,000 from his savings account, which was earning 3% interest, and borrowed an additional $2,000 from the bank at an interest rate of 7%. What is Kelly's annual opportunity cost of the financial capital that has been invested in the business?
a. $30 b. $140 c. $170 d. $300