A perfect monopoly:
A. can be a single seller or small group of firms.
B. controls 100 percent of the market for a product.
C. can offer a product at the lowest cost possible.
D. always engages in price discrimination.
Answer: B
Economics
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Economics
Refer to the information provided in Figure 20.2 below to answer the question(s) that follow.
Figure 20.2Refer to Figure 20.2. The opportunity cost of a car is ________ truck(s) in the United States and ________ truck(s) in England
A. 6; 4 B. 0.25; 0.67 C. 4; 6 D. 4; 1.5
Economics