A downward-sloping demand curve is faced by firms:
a. under perfect competition.
b. under perfect competition and monopoly.
c. in all market structures except monopoly.
d. in all market structures except monopolistic competition.
e. in all market structures except perfect competition.
e
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An example of a bilateral monopoly would be when a union
A) bargains with many different employers. B) deals directly with the final consumers. C) bargains with a monopoly. D) bargains with a monopsony.
If a macroeconomist studying the causes of unemployment asserts that a particular change in technology will cause the rate of unemployment to decrease by ten percent, then this macroeconomist is at which step in the process of developing an economic
model? A) Identify the endogenous variables. B) Develop a model. C) Compare the model with the data. D) Identify the exogenous variables. E) Conduct prediction and policy analysis.