Which of the following describes the market structure of monopoly?
a. many firms with some control over price, and considerable product differentiation
b. many firms with no control over price, producing identical products with no differentiation
c. a few firms with some control over price, producing similar products which are close substitutes
d. a few firms with no control over price, producing highly differentiated products
e. a single firm producing all of the output for the industry
E
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In the money market, an excess supply of money will:
A) increase the demand for bonds, increase bond prices, and decrease interest rates. B) increase the demand for bonds, decrease bond prices, and decrease interest rates. C) decrease the demand for bonds, increase bonds prices, and increase interest rates. D) decrease the demand for bonds, decrease bond prices, and increase interest rates.
The DeBeers Diamond Company, which owns most of the South African diamond production, has market power over the diamond trade. This market power was obtained through: a. illegal means
b. control of a scarce resource. c. patent protection. d. government licensing.