Which of the following is a characteristic of monopoly?
A) The firm faces competition from many other firms.
B) The firm produces a product that has many close substitutes.
C) There are barriers to enter the market.
D) The firm's demand is perfectly elastic.
E) The firm produces a product identical to that produced by its many competitors.
C
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Suppose, with a given supply and demand curve, the market for guitars would clear at $500, but the current price of guitars is $700. Given the above information,
A) there is a shortage of guitars. B) there is a surplus of guitars. C) the market for guitars is fully coordinated. D) the quantity of guitars supplied equals the quantity demanded.
The players in a two-person game are choosing between Strategy X and Strategy Y. If the second player chooses Strategy X, the first player's best outcome is also to select X. If the second player chooses Strategy Y, the first player's best outcome is to select X. For the first player, Strategy X is called a
a. dominant strategy b. collusive strategy c. tit-for-tat strategy d. repeated-trial strategy e. tacit strategy
The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of
a. the quantity supplied minus the quantity demanded. b. surpluses, shortages, and quantity. c. goods, services, labor, and financial capital. d. price controls and equilibrium prices.
When data on the economy requires some time to gather and interpret, there is
A. an aggregate time lag. B. an action time lag. C. a recognition time lag. D. an effect time lag.