The four market types are
A) perfect competition, imperfect competition, monopoly, and oligopoly.
B) oligopoly, monopsony, monopoly, and imperfect competition.
C) perfect competition, monopoly, monopolistic competition, and oligopoly.
D) oligopoly, oligopolistic competition, monopoly, and perfect competition.
E) perfect competition, imperfect competition, monopoly, and duopoly.
C
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Keynes thought that expectations are
a. a function of current income. b. predictable and stable. c. an important determinant of consumption. d. unpredictable and influences planned investment.
Unplanned inventory decreases: a. tend to result in an decrease in income
b. tend to result in an increase in real output. c. tend to further reduce production. d. signal that demand was weaker than expected.
Billy loses his job as a road construction worker and cannot find another position with equivalent pay and benefits. As a result, he is still checking the want ads and reporting to the unemployment office on a weekly basis. He is considered to be: a. unemployed
b. out of the labor force. c. underemployed. d. lazy.
If the government grants a patent to Firm A for the production of Good A, then the market for Good A will be: a. an oligopoly
b. a monopoly. c. perfectly competitive. d. a duopoly.