In the first years of a professional athlete's career, the athlete is "under reserve," which means that he or she cannot negotiate with other teams. This creates a de facto
A) monopolist.
B) monopsony.
C) duopoly.
D) bilateral monopoly.
B
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One year a country has positive net exports. The next year it still has positive but larger net exports
a. its trade surplus fell. b. its trade surplus rose. c. its trade deficit fell. d. its trade deficit rose
Banks may hold the reserves for their customers' deposits as
A. cash in their bank vaults only. B. deposits at the Fed only. C. either cash in their vaults or their deposits at the Fed. D. Federal Reserve Notes.
The text describes various pricing strategies that oligopolists use. Which of the following is not one of these strategies?
a. game theory b. price leadership c. kinked demand d. cartel e. trial and error
If the elasticity of demand for cigarettes is 0.4, then an increase in the price of a pack of cigarettes from $5.00 to $6.00 would reduce quantities demanded by about
a. 7 percent. b. 40 percent. c. 42 percent. d. 220 percent.