Suppose you can get broadband only from your cable company or your phone company. This market would be described by
A. monopolistic competition.
B. monopoly.
C. oligopoly.
D. perfect competition.
Answer: C
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The Bureau of Labor Statistics would categorize a retiree who is not working as
A) unemployed. B) a discouraged worker. C) out of the labor force. D) employed.
The economic incidence of a unit tax is
A. generally borne by the buyers. B. generally borne by sellers. C. generally borne by the government. D. independent of the statutory incidence for the tax.
Altering incentives so that people take account of the external effects of their actions
a. is called internalizing the externality. b. can be done by imposing a corrective tax. c. is the role of government in markets with externalities. d. All of the above are correct.
Refer to Figure 11.1. Assume aggregate demand is represented by AD1 and full-employment output is $6.0 trillion. The economy confronts a real GDP gap of
A. $.2 trillion. B. $.6 trillion. C. $.4 trillion. D. None of the choices are correct.