Answer the following statements true (T) or false (F)
1. Monopsony is a market condition in which there is only one seller.
2. A bilateral monopoly is a circumstance where only one seller and only one buyer exist in a market.
3. The market structures of perfect competition and monopoly are polar extremes.
4. A bilateral monopoly has a single buyer on one side of the market and a single seller on the other side.
5. In second degree price discrimination, each customer is charged a different price.
1. FALSE
2. TRUE
3. TRUE
4. TRUE
5. FALSE
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An equilibrium occurs in a game when
a. price equals marginal cost b. quantity supplied equals quantity demanded c. all independent strategies counterbalance all determinate strategies d. all players follow a strategy that negates the strategies of at least one other player e. all players follow a strategy that they have no incentive to change
If the federal budget is initially balanced and government expenditures remain constant, then an increase in GDP will _________ tax revenues and create a budget _________.
A) increase tax revenues and create a budget surplus. B) increase tax revenues and create a budget deficit. C) decrease tax revenues and create a budget surplus. D) decrease tax revenues and create a budget deficit.
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 18.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is TRUE?
A. April has a comparative advantage in painting kites but not snowboards. B. April has a comparative advantage in painting snowboards but not kites. C. April has a comparative advantage in painting both goods. D. April does not have a comparative advantage in painting either good.
You are certain that the restaurant industry's normal rate of return is 12%. You would expect a(n) ________ normal rate of return for a soft drink manufacturing industry that people consider much less risky than the restaurant industry.
A. 12% B. risk free (the rate on government bonds) C. above 12% D. less than 12%