________ is a monopoly that exists in an industry where large economies of scale act as a barrier to entry.
A. A natural monopoly
B. A monopolistic competitor
C. A regulated monopoly
D. A price discriminator
Answer: A
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A monopsony is a market structure in which there is a
A) single seller. B) single buyer. C) price floor set by a regulatory agency. D) price ceiling set by a regulatory agency.
Refer to Figure 4-1. If the market price is $1.00, what is the maximum number of burritos that Arnold will buy?
A) 1 B) 2 C) 3 D) 4
If an economy produces 50 oranges sold at $1 each and 100 bananas at $0.50 each, using GDP as the measure of output:
A. oranges are weighted as being 2 times more important than bananas. B. bananas are weighted as being 1/2 as important as oranges. C. bananas are weighted as being 2 times more important than oranges. D. oranges are weighted as being 1/2 as important as bananas.
Based on the graph showing the market for loanable funds, what will happen at a real interest rate that is lower than equilibrium?
a. Lenders will compete for borrowers and interest rates will fall.
b. Lenders will compete for borrowers and interest rates will raise.
c. Borrowers will compete for loans and interest rates will fall.
d. Borrowers will compete for loans and interest rates will rise.