A bilateral monopoly is a market in which there are:
A. many sellers and many buyers.
B. many buyers but only a single seller.
C. many sellers but only a single buyer.
D. only a single seller and a single buyer.
Answer: D
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GDP measured with constant prices is referred to as
A) real GDP. B) nominal GDP. C) the GDP deflator. D) industrial production.
If every country specializes in what it produces best and then trades, more will be produced than if each country tries to produce everything for its own needs.
Answer the following statement true (T) or false (F)
You notice that the price of butter falls and then rises. The best explanation for this is that:
A. demand for butter increased causing price to fall, which attracted other firms to enter the market causing supply to increase, which caused the price to go back up. B. demand for butter decreased causing price to fall, which attracted other firms to enter the market causing supply to increase, which caused the price to go back up. C. demand for butter decreased causing price to fall, which induced other firms to exit the market causing supply to decrease, which caused the price to go back up. D. demand for butter decreased causing price to fall, which attracted other firms to enter the market causing supply to decrease, which caused the price to go back up.
Which of the following prohibits price discrimination, certain types of mergers, and interlocking boards of directors among competing companies?
A. The Full Employment and Balanced Growth Act. B. The Federal Trade Commission Act. C. The Clayton Act. D. The Sherman Act.