What are the conditions that define a monopoly?
What will be an ideal response?
There is only one firm producing a good or service with no close substitutes for the good or service sold and there are barriers to entry that prevent competing firms from entering the market.
You might also like to view...
As the real wage decreases, the quantity of labor demanded ________ and the quantity of labor supplied ________.
A. increases; increases B. decreases; decreases C. decreases; increases D. increases; decreases
The ________ the portion of your income spent on a good, the ________ is your demand for the good
A) larger; more income elastic B) larger; more price elastic C) smaller; less price elastic D) smaller; more income elastic
Emma is a road construction worker. During the winter months, Emma finds it more difficult to get work. The unemployment Emma experiences in the winter is
A) seasonal. B) cyclical. C) functional. D) structural.
In the open-economy macroeconomic model, net capital outflow rises if
a. either the exchange rate rises or the real interest rate falls. b. either the exchange rate falls or the real interest rate rises. c. the real interest rate rises. Net capital outflow does not depend on the exchange rate. d. the real interest rate falls. Net capital outflow does not depend on the exchange rate.