Which of the following may characterize a monopoly?
A. Low barriers to entry.
B. Substantial market power.
C. Many firms.
D. Differentiated product.
Answer: B
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If a monopoly engages in rent seeking,
i. its average total cost curve is lower than otherwise. ii. it might or might not make an economic profit depending on how many other competitors also are rent seeking. iii. it necessarily incurs an economic loss. A) i only B) ii only C) iii only D) i and ii E) i and iii
Japan is
a. an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States. b. an advanced economy, and over the past century its rate of economic growth has been lower than that of the United States. c. a middle-income country, and over the past century its rate of economic growth has been higher than that of the United States. d. a middle-income country, and over the past century its rate of economic growth has been lower than that of the United States.
If output is above its natural rate, then according to sticky-wage theory
a. workers and firms will strike bargains for higher wages. This increase in wages shifts the short-run aggregate supply curve right. b. workers and firms will strike bargains for higher wages. This increase in wages shifts the short-run aggregate supply curve left. c. workers and firms will strike bargains for lower wages. This decrease in wages shifts the short-run aggregate supply curve right. d. workers and firms will strike bargains for lower wages. This decrease in wages shifts the short-run aggregate supply curve left.
Currency is included in
A. M2 only. B. M3 only. C. M1 and M2 only. D. M1, M2, and M3.