The U.S. market for locomotives is divided between two producers; General Electric has 70 percent of the market and General Motors has 30 percent. This market is an example of
a. a bilateral monopoly
b. monopolistic competition
c. a collusive monopoly
d. a duopoly
e. a cartel
D
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Which type of business has the least government rules and regulations affecting it?
A) partnership B) corporation C) sole proprietorship D) They all have the same set of rules and regulations affecting them.
Net National Product equals:
a) Gross National Product adjusted for inflation b) Gross Domestic Product adjusted for inflation c) Gross Domestic Product plus net property income from abroad d) Gross National Product minus depreciation
The marginal cost of action choice X:
A. measures the additional cost of a small change in X. B. tends to decrease as X increases. C. measures the cost that a decision maker has already incurred by pursuing activity X. D. is minimized at the best level of activity X.
Which of the following best describes the process that occurs when the price of a good is below equilibrium?
B. The excess supply of the good provides an incentive for buyers to offer a higher price. These higher prices encourage sellers to supply more of the good. C. The excess demand for the good provides an incentive for buyers to offer a lower price. These lower prices encourage sellers to supply less of the good. D. The excess supply for the good provides an incentive for buyers to offer a lower price. These lower prices encourage sellers to supply less of the good.