One of the popular myths about monopoly is that:
a. a monopolist is the single seller of a particular commodity.
b. a monopolist can charge any price for his/her good.
c. a monopolist is a price maker.
d. a monopolist may earn positive profits even in the long run.
e. a monopolist faces the market demand curve.
b
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Politically, one reason trade restrictions are common is that
a. the many beneficiaries of free trade each gain a small amount whereas the few losers, lose enough to lobby for restrictions. b. the beneficiaries of free trade collectively gain a small amount whereas the few losers, collectively lose much more. c. the few beneficiaries of free trade each gain a large amount and the many losers, lose enough to lobby for restrictions. d. foreign corporations bribe politicians.
Figure 9-4
?
In Figure 9-4, which expenditure level will result in a recessionary gap?
A. 1 B. 2 C. 3 D. There will be no deflationary gap.