One of the requirements for a monopoly is that
A) products are high priced.
B) there are several close substitutes for the product.
C) there is a product with no close substitutes.
D) the product cannot be produced by small firms.
E) there is no barrier to entry.
C
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The demand for money is based on
A) the demand for consumption, demand for investment, and demand by government. B) the demand for cash, demand for securities, and the demand for real estate. C) a demand for liquidity and wealth. D) the transactions demand, asset demand, and precautionary demand.
Sellers in which of the following market structures are likely to have the highest market power?
A) Monopoly B) Oligopoly C) Perfect competition D) Monopolistic competition
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the second worker?
A) $100 B) $20 C) $30 D) $125
Using economic efficiency as the standard, most economic models imply that ________ when trying to reduce the debt
A) increasing taxes is preferable to reducing government expenditure B) reducing government expenditure is preferable to increasing taxes C) increasing taxes is equally efficient as reducing government expenditure D) reducing government expenditure is no more effective than increasing taxes