Which of the following is not a characteristic of a monopoly?
a. the seller has market power
b. one seller
c. free entry and exit
d. a product without close substitutes
c
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Gross domestic product is the
A. most comprehensive measure of production of a nation’s resources. B. total of goods and services purchased by consumers. C. most comprehensive measure of total output in the United States. D. most defined measure of net exports.
Refer to Scenario 3.3 below to answer the question(s) that follow.SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and relish are complements. -Mustard is a normal good. -During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.Refer to Scenario 3.3. The mustard recall would have caused the equilibrium price of mayonnaise to ________ and the equilibrium quantity of mayonnaise to ________.
A. increase; increase B. decrease; increase C. increase; decrease D. decrease; decrease