Which statement best describes the relationship between steamboats, keelboats and flatboats on the Mississippi River in the antebellum period?
a. Steamboats were substitutes for both keelboats and flatboats.
b. Steamboats were complements for both keelboats and flatboats.
c. Steamboats were substitutes for keelboats and complements for flatboats.
d. Steamboats were substitutes for flatboats and complements for keelboats.
c. Steamboats were substitutes for keelboats and complements for flatboats.
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If Japan seeks to control its exchange rates so that ¥100 = $1, which of the following policies should it NOT maintain?
a. interest rates that provide the same return as alternative international rates b. a stable rate of price level changes that will not cause currency depreciation or appreciation c. a willingness to raise interest rates when its currency begins to depreciate d. a willingness to raise price levels
Using average cost pricing to regulate a natural monopoly creates a deadweight loss
Indicate whether the statement is true or false