A major characteristic of monopoly is that
A) no barriers to entry exist.
B) the product is identical to that produced by other companies.
C) a barrier to entry keeps out competitors.
D) competition is intense.
E) a few firms compete with each other.
C
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An automatic stabilizer tends to increase GDP when it is rising.
a. true b. false
Consider two goods--one that generates external costs and another that generates external benefits. The actual market outcome would
a. result in output that is lower than the efficient output for both goods. b. result in output that is higher than the efficient output for both goods. c. result in output that is lower than the efficient output for the good with an external benefit and output that is higher than the efficient output for the good with an external cost. d. result in output that is higher than the efficient output for the good with an external benefit and output that is lower than the efficient output for the good with an external cost.