One defining characteristic of pure monopoly is that the ________.
A. monopoly produces a product with no close substitutes
B. monopoly uses advertising
C. entry into the industry is relatively easy, but exit is difficult
D. monopoly is a price taker
Answer: A
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For a pure monopoly to sell a quantity of 10 units, the price must be $8. Marginal revenue (MR) at this output level will be ________.
A. = $8 B. > $16 C. > $8 and < $16 D. < $8
Suppose that the absolute price elasticity of demand for hamburger is 1.15 and that the absolute price elasticity of demand for steak is 2.4. Then the absolute price elasticity of demand for beef will be
A) less than 1.15. B) more than 2.4. C) between 1.15 and 2.4. D) equal to 1.15.
Comparing ________ can give us some sense of what the multiplier actually is in the economy.
A. hard money to fiat money B. hard money to M2 C. M1 to M2 D. hard money to M1
Which statement is true?
A. The Keynesians and the monetarists are proponents of the crowding-out effect. B. The Keynesians and the monetarists are proponents of the crowding-in effect. C. The Keynesians are proponents of the crowding-out effect and the monetarists are proponents of the crowding-in effect. D. The Keynesians are proponents of the crowding-in effect and the monetarists are proponents of the crowding-out effect.