Bilateral monopoly exists when
A) a single buyer confronts a single seller.
B) there are two monopolistic buyers trying to buy resources.
C) two labor unions are trying to represent the same group of workers.
D) a firm is both a monopoly in its output market and a monopsonist in its input market.
Answer: A
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What is a price cap? Why might it be a more effective way of regulating monopoly than rate of return regulation?
What will be an ideal response?
Fluctuating interest rates tend to cause large changes in real output when the
A) IS curve is flat. B) IS curve is steep. C) LM curve is flat. D) LM curve is steep.
If real income rises from $5 trillion to $5.3 trillion while the price level increases by 10 percent, it follows that nominal income:
A. rises by 6 percent. B. rises by 16 percent. C. rises by 10 percent. D. doesn't change.
The amount of the structural deficit is equal to the amount of tax revenue received minus federal expenditures for the current fiscal year.
Answer the following statement true (T) or false (F)