A market:
A. reflects upsloping demand and downsloping supply curves.
B. entails the exchange of goods, but not services.
C. is an institution that brings together buyers and sellers.
D. always requires face-to-face contact between buyer and seller.
Answer: C
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The base year is 2012. A country only produces Blu-ray players. The price of a Blu-ray player in 2012 was $100. The price of a Blu-ray player was $90 in 2013
The quantity of Blu-ray players produced in 2012 was 10,000 units and in 2013 was 10,500 units. Real GDP in 2012 equals A) $945,000. B) $1,000,000. C) $900,000. D) $1,050,000. E) an amount that cannot be determined without information about real GDP in 2007 .
Assume someone organizes all farms in the nation into a monopoly. What is the monopoly's marginal cost curve?
A) It is a horizontal line at the competitive industry's price. B) It is a vertical line at the formerly competitive industry's quantity. C) It is a vertical line at the monopoly's chosen output level. D) It is the formerly competitive industry's supply curve. E) It is the same as the formally competitive industry's average total cost curve.