The average number of times per year each dollar is used to transact an exchange is known as the:
a. liquidity of money.
b. velocity of money.
c. quantity theory of money.
d. equation of exchange
e. rapidity index
b
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In the above figure, if the natural monopoly is regulated with an average cost pricing rule and the firm does not inflate its costs, then the firm will produce
A) 8 million units and set a price of $21 per unit. B) 12 million units and set a price of $18 per unit. C) 16 million units and set a price of $16 per unit. D) nothing unless the government provides subsidies to cover its losses.
An oligopolistic industry is characterized by all of the following except
A) production of standardized or differentiated products. B) firms pursuing aggressive business strategies, independent of rivals' strategies. C) existence of entry barriers. D) the possibility of reaping long-run economic profits.