A market tends to be monopolistic if
a. The good has too many substitutes
b. The good has very few substitutes
c. There are too many rivals
d. The good has too few complements
b
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The above figure shows the market for steel ingots. At the social optimum, the private producer surplus is
A) $1250. B) $1875. C) $2500. D) $3100.
The business cycle matters for unemployment because:
A. it affects the demand for labor. B. it affects the supply of labor. C. Both of these are true. D. Neither of these is true.
Terry wants to sell his car and the lowest price he is willing to accept is $3,000 . Alice likes the car and is willing to pay at most $4,000 for it. What is the headroom for them?
a. Prices up to $1,000 b. Price range between $3,000 and $4,000 c. Prices above $4,000 d. Prices below $3,000
A steel company sells some steel to a bicycle company for $150 . The bicycle company uses the steel to produce a bicycle, which it sells for $250 . Taken together, these two transactions contribute
a. $150 to GDP. b. $250 to GDP. c. between $250 and $400 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle. d. $400 to GDP.