Monopolies arise when there are
A) many substitutes but there are no barriers to entry.
B) no close substitutes and there are no barriers to entry.
C) no close substitutes and there are barriers to entry.
D) many substitutes and there barriers to entry.
E) None of the above answers are correct because the existence of a monopoly has nothing to do with the presence or absence of barriers to entry.
C
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When Toyota introduced its 2010 Prius, it announced that the average retail price of the 2010 model would be lower than the average retail price was for the equivalent 2009 model. Which of the following would explain the price differential?
A) The supply of the Prius had decreased, and the demand for the Prius remained unchanged. B) The demand for the Prius had increased, and the supply of the Prius remained unchanged. C) The demand for the Prius had decreased, and the supply of the Prius had increased. D) The demand for the Prius had increased, and the supply of the Prius had decreased.
In 2015, which of the following were prominent exports of the U.S.?
A. financial services B. transportation equipment C. petroleum D. all of the answers are correct