In which market structures does a firm have at least some ability to set the market price?
A. perfect competition and monopolistic competition
B. monopolistic competition, oligopoly and monopoly
C. monopolistic competition and oligopoly
D. oligopoly and monopoly
Answer: B
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The Aluminum Company of America (Alcoa) had a monopoly until the 1940s because
A) it had control of almost all the available supply of bauxite. B) it had a patent on the manufacture of aluminum. C) it was a public enterprise. D) the company had a secret technique for making aluminum from bauxite.
Under the Superfund law (CERCLA),
a. remedial actions are official short-term responses to restore immediate control b. high-risk sites are placed on the National Priorities List (NPL) through a risk-ranking system c. only current waste site owners are potentially responsible parties (PRPs) d. EPA has no authority to force responsible parties to pay for damages
Which of the following is the best example of the law of supply?
a) A sandwich shop increases the number of sandwiches they supply every day when the price is increased b) A food producer increases the number of acres of wheat he grows to supply a milling company c) A catering company buys a new dishwasher to make their work easier d) A milling company builds a new factory to process flour to export
Which of the following is NOT one of the functions of money?
A) protection from increases in prices of goods and services B) store of value C) medium of exchange D) unit of accounting