The market structure in which there is a single seller of a good or service for which there is no close substitute is
A. monopoly.
B. perfect competition.
C. monopolistic competition.
D. oligopoly.
Answer: A
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When a U.S. Senator tells a campaign crowd that "High inflation rates are a much more serious economic problem than high unemployment rates," it is an example of
A. an empirically proven fact. B. a normative statement. C. a microeconomic argument. D. a positive statement.
A local monopoly is a firm that:
a. is the sole supplier of a good, without substitutes, in a specific geographic area. b. is one of the suppliers of a good in a specific geographic area. c. supplies all the products needed by consumers in a country. d. produces to meet the requirement of only one consumer. e. is one of the suppliers of a good that has a lot of substitutes, in a specific geographic area.
Over a period of time, a nation's GDP increases by 3 percent at constant prices and by 5 percent at current prices. Other things being equal, the price level changed by about:
a. 2 percent b. 3 percent c. 8 percent d. 5 percent
An increase in the Japanese interest rate will ________ the supply of dollars and lead the dollar to ________
A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate