compared to simple pricingCompared to a perfectly competitive market, a monopolist will produce _____ and charge a _____ price.
a. less; higher
b. less; lower
c. more; higher
d. more; lower
Answer: a. less; higher
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Barriers to entry
a. prevent monopolies from earning profit in the long run b. prevent monopolies from earning profit in the short run c. may allow monopolies to earn profit in the long run d. prevent government from regulating a monopoly e. prevent a natural monopoly from raising its price
If income increases, then with regard to expensive cuts of steak, it is likely that the demand curve:
a. shifts to the right. b. shifts to the left. c. becomes steeper. d. does not change. e. becomes flatter.
Under the adaptive expectations hypothesis, which of the following is the effect of a shift to a more expansionary monetary policy?
a. In the short run, the real rate of output will be unaffected, but in the long run, it will increase. b. In the short run, the unemployment rate will decrease, but in the long run, it will self correct to the natural rate of unemployment. c. There will be a permanent increase in the real rate of output, but the inflation rate will also be a little higher. d. In the short run, the impact on the real rate of output is uncertain, but in the long run, output will increase.
Which of the following statements about U.S. unemployment is true?
a. All racial groups experience approximately the same rate of unemployment. b. Black and white teenagers experience equally high rates of unemployment. c. Blacks as a group experience higher rates of unemployment than do white teenagers. d. Blacks experience higher rates of unemployment than do Hispanics. e. White teenagers experience higher rates of unemployment than do any other group in the population.