Which of the following is inconsistent with monopoly?
a. a single seller
b. economies of scale
c. free entry and exit
d. selling in the elastic portion of the demand curve in order to maximize profits
Ans: c. free entry and exit
Economics
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Suppose money supply (M) = $3,960 billion, price level (P) = 1.1, and real GDP (Y) = $7,200 billion. Calculate the value of velocity using the equation of exchange.
A) 1.6 B) 1.8 C) 2.0 D) 2.2
Economics
Explain the reasons for the economic "miracle" of the East Asian countries between 1960 and 1997. Is it only because of the common Asian practice of industrial policy and business-government cooperation?
What will be an ideal response?
Economics