According to the theory of contestable markets, monopoly may not be a problem if
A. Antitrust regulations are enforced.
B. The structure of a market is competitive.
C. Firms can exit from the market.
D. Potential competition exists.
Answer: D
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Supply and demand curves can only reflect
a. total social costs b. private, or internal, costs and benefits c. external costs and benefits d. external benefits e. external costs
Creative destruction is least beneficial to:
A. workers in the "destroyed" industries. B. workers in the "created" industries. C. consumers. D. society as a whole.
The faster an automobile is driven (speed), the lower the miles per gallon (mpg) for that automobile. Given this information, we say that an automobile's speed and mpg have
A) a direct relationship B) an inverse relationship C) a linear relationship D) a maximum relationship
In a sequential game
A) a player has to look forward and reason forward. B) a player has to look forward and reason back. C) a player has to look back and reason forward. D) a player has to look back and reason back.