A market situation in which there are very few sellers is
A. perfect competition.
B. monopolistic competition.
C. oligopoly.
D. monopoly.
Answer: C
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When a market is not in equilibrium:
A. a change in either supply or demand is required to reestablish equilibrium. B. there is neither excess supply nor excess demand. C. the economic motives of sellers and buyers will move the market to its equilibrium. D. government intervention is required to achieve equilibrium.
If Second National Bank has more rate-sensitive assets than rate-sensitive liabilities, it can reduce interest-rate risk with a swap that requires Second National to
A) pay fixed rate while receiving floating rate. B) receive fixed rate while paying floating rate. C) both receive and pay fixed rate. D) both receive and pay floating rate.
Firm A? High PriceLow PriceFirm BHigh priceA = $250A = $325??B = $250B = $200?Low priceA = $200A = $175??B = $325B = $175Refer to the above payoff matrix. Assume that firm B adopts a low-price strategy while firm A maintains a high-price strategy. Compared to the results from a high-price strategy for both firms, firm B will now:
A. gain $50 million in profit and firm A will lose $50 million in profit. B. lose $75 million in profit and firm A will gain $50 million in profit. C. gain $75 million in profit and firm A will lose $50 million in profit. D. gain $50 million in profit and firm A will lose $75 million in profit.
An externality that is NOT fully paid by the individual using an automobile is
A) insurance for the vehicle. B) gasoline for the vehicle. C) air pollution from the vehicle. D) operation of the vehicle.