Which of the following does not contribute to a firm maintaining a monopoly?
A. Mergers and acquisitions.
B. A patent.
C. Exclusive control of important resources.
D. The presence of many close substitutes for its product.
Answer: D
Economics
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The argument that when policy changes, people's behavior changes so that historical relationships between macroeconomic variables will no longer hold is known as
A) the Phillips curve. B) the policy irrelevance hypothesis. C) hysteresis. D) the Lucas critique.
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What does it mean that a currency has been designated legal tender? How important is the designation?
What will be an ideal response?
Economics