A firm that has the ability to control to some degree the price of the product it sells
A) is also able to dictate the quantity purchased.
B) faces a perfectly inelastic demand curve.
C) is a price maker.
D) faces a demand curve that is inelastic throughout the entire range of market demand.
C
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Which of the following is not true of Federal Reserve notes? a. They are fiat money
b. They are a liability of the Fed. c. They are redeemable for other Federal Reserve notes. d. They are redeemable for gold. e. They are counted as currency in the money supply
Other things the same, the real exchange rate between American and Chinese goods would be higher if
a. prices of Chinese goods were higher, or the number of yuan a dollar purchased was higher. b. prices of Chinese goods were higher, or the number of yuan a dollar purchased was lower. c. prices of Chinese goods were lower, or the number of yuan a dollar purchased was higher. d. prices of Chinese goods were lower, or the number of yuan a dollar purchased was lower.