The exchange rate that is established in the absence of foreign exchange market intervention by the government is known as a(n):

A shortage results when a

A. nonbinding price ceiling is removed from a market. B. binding price ceiling is imposed on a market. C. nonbinding price ceiling is imposed on a market. D. binding price ceiling is removed from a market.

Large manufacturing firms that buy many different parts or components (e.g., auto manufacturers) can choose which parts to buy from other firms and which parts to make in their own factories

These manufacturers may be able to use monopsony power to reduce the price paid to outside suppliers for parts that are: A) standard components for many manufacturers so that there are many buyers and sellers. B) only used in their cars so that there is one buyer and a few sellers. C) bought and sold in perfectly competitive markets. D) none of the above