"A monopolist refers to any firm that is large in size." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. A monopolist does not have to be large in size. Regardless of its size, a monopolist in a market is the single supplier of a good or service for which there is no close substitute.
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Holding money as a medium of exchange to purchase goods and services and make payments is known as the
A) spending demand for money. B) transactions demand for money. C) precautionary demand for money. D) asset demand for money.
The production possibilities curve depicts the combinations of two goods that can be
a. viewed as creating international specialization, one country producing one good, the other a second good b. produced with a given level of technology and set of resources c. consumed with a given quantity of resources and level of technology d. produced with varying levels of unemployment of resources e. produced with varying levels of unemployment and underemployment of resources