In a fully contestable market, a monopoly firm's profits are
a. limited to a competitive level
b. negative
c. higher than a competitive market
d. set by a regulatory commission
e. not affected by the firm's costs
A
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Which of the following would be included in this year's gross domestic product (GDP)?
a. One hundred shares of IBM stock that Tony sold this May b. A used car that Tracey sold to Justin c. George's purchase of a fishing rod and reel at a garage sale d. Sharon giving Dennis $20 as a reward for finding her ring e. A bucket of Kentucky Fried Chicken that Kate bought this July
If the average income per U.S. worker decreases while that of Japanese workers remains unchanged, then the demand curve for Japanese yen will shift __________, which will cause the equilibrium exchange rate of the dollar price per yen to __________, which is the same thing as saying that the dollar will __________
A) rightward; rise; appreciate B) leftward; fall; appreciate C) rightward; rise; depreciate D) leftward; fall; depreciate E) rightward; fall; depreciate