For a true, or pure, monopoly, ______.
a. there is only one seller of the product
b. no close substitutes are available
c. the firm and the industry are the same
d. it must be virtually impossible for other firms to overcome barriers to entry
e. all of these
Ans: e. all of these
Economics
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GDP per capita means GDP
A) divided by the capital stock. B) adjusted for inflation. C) in real terms. D) per person.
Economics
The short-run Phillips curve is ________, while the long-run Phillips curve is vertical at the ________.
A. upward sloping; minimum wage B. downward sloping; real wage C. upward sloping; average nominal wage rate D. downward sloping; natural rate of unemployment E. horizontal; origin
Economics