A firm selling a good which lacks any good substitutes is called a(n)
a. pure monopoly.
b. price discriminator.
c. exclusive monopoly.
d. natural monopoly.
A
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Which of the following is the best example of a perfectly competitive market?
a. automobiles b. postal service c. disk operating system software d. milk e. breakfast cereals
Define the following terms and explain their importance to the study of macroeconomics: a. open economy b. closed economy c. budget deficits and trade deficits d. international capital flows
What will be an ideal response?
The crowding-in effect results from
A. a low MPS. B. induced investment. C. induced consumption. D. rising interest rates.
In broad terms the difference between microeconomics and macroeconomics is that
A) they use different sets of tools and ideas. B) microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy. C) macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not. D) microeconomics studies the effects of government taxes on the national unemployment rate.