Which of the following is not a typical customer in the wholesale market for foreign exchange?
a. A central bank
b. A tourist
c. A large company
d. The government
e. A supranational agency
.B
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A monopolist maximizes its profit by producing the amount of output that sets
A) total revenue equals total cost. B) marginal revenue equals marginal cost. C) marginal revenue equals zero. D) price equals marginal cost.
If demand price elasticity measures 2, this implies that consumers would:
a. buy twice as much of the product if the price drops 10 percent. b. require a 2 percent drop in price to increase their purchases by 1 percent. c. buy 2 percent more of the product in response to a 1 percent drop in price. d. require at least a $2 increase in price before showing any response to the price increase. e. buy twice as much of the product if the price drops 1 percent.