This market situation is much like a pure monopoly except that its member firms tend to cheat on agreed upon price and output strategies. What is it?
A) Duopoly
B) Cartel
C) Market sharing monopoly
D) Natural monopoly
B
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Which of the following statements is correct?
I. The Fed can periodically and without warning examine member commercial banks to ensure that they are conforming to current banking standards. II. The Fed helps the government collect certain tax revenues and aids in the purchase and sale of government securities. A) I only B) II only C) Both I and II D) Neither I nor II
Since few Americans would ever be willing to pay more for a sandwich than for a pair of jeans,
A) for most Americans clothing is more important than food. B) for most Americans clothing is more valuable than food. C) for most Americans clothing has more monetary value than food. D) most Americans derive their values from the culture rather than biological necessities. E) most Americans have little difficulty obtaining enough to eat.
Which of the following generate an income that would be excluded from the GDP of an economy?
a. A professional working in small start-up firm b. A person selling heroin to tourists c. A person selling electronic guides to tourists d. A farmer selling oranges to a fruit seller
If a monopolistically competitive industry is earning short-run profits, new competitors will enter the industry in the long run and compete away those profits.
Answer the following statement true (T) or false (F)