Without an acceptable domestic currency to serve as a medium of exchange, a nation might try to substitute a more stable currency from another nation.

Refer to Figure 21.1. The middle 20% of the population earn ________ of total income

A) 16% B) 23% C) 28% D) 32%

Which of the following statements applies to a single-price monopolist?

A) In order to maximize profits, the monopolist will produce an amount of output that lies in the elastic range of its demand. B) In order to maximize profits, the monopolist will produce an amount of output that lies in the inelastic range of its demand. C) In order to maximize profits, the monopolist will produce where its demand is unit elastic. D) In order to maximize profits, the monopolist will produce an amount of output in the inelastic range of its supply.