In a fixed exchange rate system
A) market forces and the country's stock of gold determine its exchange rate.
B) a central bank affects the value of a currency by changing its foreign exchange reserves.
C) market forces play a role in determining the fixed value of a currency.
D) the International Monetary Fund determines exchange rates.
B
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A monopolist will maximize profits by producing a quantity specified by setting marginal revenue equal to marginal cost
a. True b. False Indicate whether the statement is true or false
One key characteristic that is distinctive of an oligopoly market is that:
A. the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve. B. the decisions of one seller often influences the price of products, the output, and the profits of rival firms. C. there is only one firm that produces a product for which there are no good substitutes. D. there are many sellers in the market and each is small relative to the total market.