The tablet-computer market is best characterized as a(n):
A. Pure competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
C. Oligopoly
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In the simple Keynesian model, an increase in aggregate demand leads to an increase in
A) Real GDP and the price level at all levels of Real GDP. B) the price level and no change in Real GDP for levels of Real GDP below Natural Real GDP. C) the price level and a decrease in Real GDP at all levels of GDP. D) Real GDP and no change in the price level for levels of Real GDP below Natural Real GDP.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
Price controls
A) exist when firms decide that they want to charge a higher price for their product. B) exist when consumers boycott a product. C) are government-mandated minimum or maximum prices that may be charged for goods. D) are the benefit of discount stores like Sam's Club.
The diamond-water paradox is an example that shows that
A) necessities like water should have a higher price. B) marginal utility rather than total utility determines what people are willing to pay for a good. C) there are exceptions to the law of diminishing marginal utility. D) marginal utility can initially increase and then decrease.