Compared to a competitive market with the same long-run costs and market demand, a monopolist has:
A.) Less pressure to reduce costs and less incentive to improve quality.
B.) Less pressure to reduce costs and more incentive to improve quality.
C.) More pressure to reduce costs and less incentive to improve quality.
D.) More pressure to reduce costs and more incentive to improve quality.
A.) Less pressure to reduce costs and less incentive to improve quality.
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Suppose the demand for a good is currently unit elastic over the relevant range. Then a new substitute good is introduced to the market. As a result, demand over that range is now likely to be a. Unit elastic
b. Relatively elastic. c. Relatively inelastic. d. Perfectly elastic.
If the Fed raises the discount rate, it:
a. forces commercial banks to call in existing loans. b. changes excess reserves into required reserves. c. changes required reserves into excess reserves. d. none of the above