When there are just a few firms in the industry, the industry structure is most likely to be:
A. a perfectly competitive industry.
B. an oligopoly market.
C. a monopoly market.
D. a natural monopoly market.
Answer: B
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In order to determine a household's budget line, you must know the
A) prices of the goods bought and the household's income. B) prices of the goods bought, but not the household's income. C) household's income, but not the prices of goods bought. D) household's income, prices of the goods bought, and the household's preferences.
The agreement to provide a standardized commodity to a buyer on a specific date at a specific future price is
A) a put option. B) a call option. C) a futures contract. D) a mortgage-backed security.
Which of the following taxes are earmarked?
a. personal income taxes b. Social Security taxes c. property taxes d. excise taxes e. estate taxes
Imposing a restrictive quota on the import of dishwashers will likely
a. increase the price of the dishwashers but decrease the quantity consumed. b. increase both the price of the dishwashers and the quantity consumed. c. leave the price of the dishwashers unchanged but decrease the quantity consumed. d. leave the price of the dishwashers unchanged and also leave the quantity consumed unchanged.