China began pegging its currency, the yuan, to the dollar in 1994. Because the yuan was ________ at the pegged exchange rate, the level of Chinese exports remained ________ than they would have been if the exchange rate were allowed to float freely

Under J.C. Penney's everyday low pricing policy, the everyday low prices

A) were always lower than the sale prices under the previous policy. B) ended up being the highest prices ever charged by the company. C) ended up being higher than the sale prices under the previous pricing policy. D) were not actually charged every day, but only once a month during half-off sales.

If a firm buys some labor in a competitive market and some labor as a monopsonist, the firm is most likely to

A) pay the same wage to both types of labor. B) pay a lower wage to the labor purchased in the competitive market. C) pay a higher wage to the labor purchased in the competitive market. D) not exercise any of its monopsony power.