A firm that is the only seller of a good or service that does not have a close substitute is called
A) a monopoly. B) a market maker. C) a price maker. D) an oligopolist.
A
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If a rent ceiling is imposed that is less than the equilibrium rent, which of the following outcomes is most likely to occur?
A) reduced search activity B) black market activity C) a building boom D) a housing surplus E) None of the above answers is correct because to have an impact, the rent ceiling must be above the equilibrium rent.
Which of the following is not a requirement for price discrimination?
a. The firm must be able to identify consumers who are willing to pay more for the product. b. The firm must be able to prevent resale of the product. c. There must be a downward-sloping demand curve for the product. d. The firm must face different costs for the goods sold to different consumers.
Which of the following is not an example of a model?
A. a small plastic airplane tested in a wind tunnel B. a highway map C. a photograph of the inside of a computer D. a poster of the human digestive system
According to Mundell, countries to constitute an optimal currency area need to satisfy one of the two conditions. Explain these conditions
What will be an ideal response?