Which of the following is FALSE regarding bilateral monopoly?
A. The price outcome is easily determined.
B. Bilateral monopoly is defined as a market structure in which a single buyer faces a single seller.
C. An example of bilateral monopoly is a state education employer facing a single teachers' union in the labor market.
D. Bilateral monopoly is a market structure consisting of a monopolist and a monopsonist.
Answer: A
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According to the Fisher effect, if a lender and a borrower would agree on an interest rate of 8 percent when no inflation is expected, they should set a rate of _______ when an inflation rate of 3 percent is expected
a. 2 percent b. 5 percent c. 8 percent d. 11 percent
Table 7.2GDP for Newland?Nominal GDP(in billions of dollars)GDP deflatorCPI2001$5,900120.1128.320026,300123.0131.720036,800126.3136.5Based on Table 7.2, the real GDP for 2002 was
A. $7,749.0 billion. B. $8,297.1 billion. C. $5,122.0 billion. D. $4,783.6 billion.