Which of the following examples accurately reflects monopolistic competition?
a. Stable, Inc. has a steady number of customers and doesn’t seek any more.
b. TopDrawer, Inc. tries to limit its customers to a select few.
c. JStar, Inc tries to sell as many cell phones to customers as possible.
d. Whole Farms doesn’t really care how many buyers purchase its produce.
c. JStar, Inc tries to sell as many cell phones to customers as possible.
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What is a monopsony?
What will be an ideal response?
There are three goods you are interested in purchasing, X, Y and Z. You notice that the price of Z has fallen. Given that the cross price elasticity between Z and Y is ?1.5; the cross price elasticity between Y and X is 3.0, and the cross price elasticity between Z and X is 0.50 . It would make sense that:
a. Z and X are complements; Y and X are substitutes. b. Y and X are substitutes; Y is complementary to Z. c. X and Z are unrelated; Y is complementary to X. d. X and Z are complements; Y and Z are substitutes.
If a pair-wise majority vote was held and the voters' preferences are shown in the table, assuming public zoo and transportation was the first pair to be voted on, which voter will be happiest with the outcome?
A. Bob
B. Carlo
C. Abby
D. Abby and Bob will be equally happy.
In actual practice, does the Fed monetize the debt?
a. No, it did not do so even with large deficits in the 1980s and early 2000s. b. No longer, although it monetized much of the deficit in the 1980s. c. Yes, although it monetizes less now than in the 1980s. d. Yes, it has monetized the deficit steadily since the early 1970s.