A firm that has taken advantage of economies of scale and expanded to become the only producer in the market is
A. a cartel.
B. an oligopolist.
C. a monopolistic competitor.
D. a natural monopoly.
Answer: D
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A decrease in the discount rate ________ bank reserves and ________ the money supply if banks respond appropriately to the change in the rate.
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
The total market value of final goods and services produced in an economy during a one-year period is
A) personal income. B) profit. C) net national product. D) Gross Domestic Product.
In the above figure, the short-run aggregate supply curve is SAS1. If the money wage rate increases, there is
A) an upward movement along SAS1. B) a downward movement along SAS1. C) a shift to SAS0. D) a shift to SAS2.
If actual inflation is greater than expected inflation, what is the relationship between the actual real wage and the expected real wage?
A) The actual real wage will be equal to the expected real wage. B) The actual real wage will be lower than the expected real wage. C) The actual real wage will be higher than the expected real wage. D) The relationship between the actual real wage and the expected real wage cannot be predicted.