If a perfectly competitive industry is taken over by a single firm that operates as a single-price monopoly, the price will ________ and the quantity will ________

A business owner applies for a bank loan to launch a fairly low-risk project. After receiving the loan, she cancels the low-risk project and instead uses the borrowed funds for a high-risk venture. This is an example of

A) financial intermediation. B) the transactions approach. C) moral hazard. D) capital controls.

If the cross-price elasticity of demand is -3, then

a. the goods are substitutes b. one good is price inelastic c. one good is an inferior good d. one good is a luxury good e. the goods are complements