One of the elements of monopolization is
A. monopoly pricing.
B. the willful acquisition of monopoly power.
C. wanting to be a monopoly and wanting to earn monopoly profits.
D. having a monopoly.
Answer: B
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Why do some people tip generously at restaurants to which they never plan to return?
What will be an ideal response?
In the short-run macro model, firms that sell more than they produce will respond by
a. reducing output b. increasing output c. reducing prices d. raising prices e. not changing production because the market will adjust on its own
Some unemployment is unavoidable because ________.
A) many people in the working-age population attend school and are unemployed B) people are making transitions through the stages of life and businesses are making transitions C) often people become discouraged workers D) there is always some cyclical unemployment E) many part-time workers would like to have full-time work
The aggregate supply curve is drawn with
A. the price level on the vertical axis and nominal GDP on the horizontal. B. nominal GDP on the vertical axis and real GDP on the horizontal. C. the price level on the vertical axis and real GDP on the horizontal. D. real GDP on the horizontal axis and the rate of inflation on the vertical.