Pure monopoly refers to_____.
A. any market in which the demand curve to the firm is downward sloping
B. a single firm producing a product for which there are no close substitutes
C. a standardized product being produced by many firms
D. a large number of firms producing a differentiated product
Answer: B
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If capital per hour of labor decreases, real GDP per hour of labor
A) decreases because the level of technology decreases. B) increases because the level of technology increases. C) increases for a given level of technology. D) decreases for a given level of technology.
A consumer can be said to have achieved equilibrium with respect to consumption when:
a. the marginal utility of each product consumed is the same. b. the last dollar spent on each product yields the same marginal utility. c. the total utility of each product consumed is at a maximum. d. the marginal utility of each product consumed is at a maximum.
A decrease in the growth rate of the money supply causes a short-run departure from the long-run equilibrium because:
A. nominal growth rates are sticky. B. inflation expectations adjust quickly. C. the SRAS curve is horizontal. D. prices and wages are sticky.
The idea of government failure includes all of the following except
What will be an ideal response?