One feature of pure monopoly is that the demand curve:
A. is vertical.
B. slopes downward.
C. is horizontal.
D. slopes upward.
Answer: B
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Bidding in a Dutch auction continues until ________
A) no bidder is willing to bid any higher B) a bidder accepts the price announced by the auctioneer C) a bidder bids above the market price of the good D) a bidder bids below the starting bid
The Brooks Appliance Store and the Lefingwell Appliance Store (both are located in the same city) each sell an identical washer-dryer pair. The owner of each store considered offering the washer-dryer pair for $700, but decided on a price of $500
If this is a Nash equilibrium we can conclude that A) the owners of the stores feared that charging $700 could be used as evidence of collusion. B) charging $500 was the most profitable strategy for each store, regardless of what price was charged by the other store. C) the stores were less concerned about making a profit from the washer-dryer pair than they were with attracting customers who would also buy other appliances. D) each store owner feared charging the higher price would result in being undercut by the other store charging the lower price.
The labor-force participation rate tells us the fraction of the population that is able to participate in the labor market
a. True b. False Indicate whether the statement is true or false
President Ronald Reagan once joked that a Trivial Pursuit game designed for economists would
a. have no questions but hundreds of answers. b. have 100 questions and 3,000 answers. c. have 1,000 questions but no answers. d. never produce a winner.