A monopoly is a
a. large number of producers each with a small share of the total market output
b. single seller of a product that typically has no close substitutes
c. small group of producers with similar products
d. single buyer of an input into production
e. group of firms with incentives to cooperate
B
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Why are there significant time lags in monetary policy?
a. Financial markets are inefficient and information takes several months to impact them. b. Changes in monetary policy only affect future projects such as factories, not current ones. c. Interest rates takes several months to change after a change in money supply. d. Interest rates are fixed and it takes several months to change laws to have the targets amended. e. Because of the Fed's relative inability to convince Congress about the necessity of a particular monetary policy.
An economic model can accurately explain how the economy is organized because it is designed to include, to the extent possible, all features of the real world
a. True b. False Indicate whether the statement is true or false
If the demand and supply for pickup trucks both increase, which of the following would happen?
a. Quantity becomes indeterminate.
b. Quantity falls.
c. Price rises.
d. Price becomes indeterminate.
How is the international economy qualitatively different in the first part of the 21st century from what it was like in the first part of the 20th century?
What will be an ideal response?