The U.S. Postal Service has a monopoly on the delivery of first-class mail due to
a. economies of scale.
b. a lack of initiative on the part of competing firms.
c. legal barriers limiting entry.
d. control over an essential resource.
C
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In the definition of a market, economists consider:
A. actions by third parties that do not include buyers or sellers in the market. B. both actual and potential interactions between buyers and sellers. C. neither actual nor potential interactions between buyers and sellers. D. only actual interactions between buyers and sellers, not potential interactions.
When the nominal exchange rate falls
A) the domestic currency buys more units of foreign currency and the domestic currency has depreciated. B) the domestic currency buys fewer units of foreign currency and the domestic currency has depreciated. C) the domestic currency buys more units of foreign currency and the domestic currency has appreciated. D) the domestic currency buys fewer units of foreign currency and the domestic currency has appreciated.