A firm typically achieves its position as a monopolist as a result of
A) a small market and a constant average cost.
B) a downward sloping demand for the product.
C) barriers to entry.
D) the absence of long-run profits in an industry.
Answer: C
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Refer to Figure 9.2. A movement from point b to point c could be caused by a simultaneous ________ and ________
A) decrease in taxes; decrease in the price of oil B) increase in the money supply; increase in the price of oil C) increase in taxes; decrease in government spending D) increase in the price of oil; massive crop failure
The utility we get from something:
A. is a measurement of our direct benefit of consuming the good. B. is a measurement of the benefit of consuming the good relative to the opportunity cost. C. is a measurement of outside perceptions and inner preferences. D. is a measurement of outside benefits and inner costs.
Increases in the overall price level:
A. result in an increase people's dollar-denominated wealth. B. mean that a given number of dollars can buy as much in terms of real goods and services as before. C. tends to cause people to increase their consumption. D. reduce people's real wealth.
A sudden, unexpected increase in the economy’s prevailing wage level due to a general strike threat would
a) shift the aggregate demand curve out and push equilibrium prices down b) shift the aggregate demand curve in and push equilibrium output down c) shift the short run aggregate supply curve in and push equilibrium prices up d) shift the Phillips Curve in and increase the natural rate of unemployment e) shift the long run aggregate supply curve out and push equilibrium prices down