An oligopsony exists when
a. a few sellers dominate a market.
b. a few buyers dominate a market.
c. a single buyer dominates a market.
d. a single seller dominates a market.
b. a few buyers dominate a market.
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
You would expect that your firm is experiencing a constant returns to scale if
a. Long run average costs increase with output b. Long run average costs decrease with output c. Long run average costs are constant with respect to output d. None of the above
The long run is referred to as a planning horizon because:
a. the firm has committed to a fixed quantity of at least one resource and the other resources are variable. b. the manager has selected the size of the firm that appears to be the least profitable and does not have the option of selecting any other plant size. c. the firm has not committed to a fixed quantity of any resource and has all options available to it. d. the manager has selected a scale of production. e. the firm is operating along a specific average-cost curve.
According to Malthus, how do economic growth and population relate to each other?