Which is the most accurate statement?
A. All monopolists are very large companies.
B. IBM is an example of a monopoly.
C. In order to maintain monopolies, there must be barriers to market entry.
D. Public utilities are examples of natural monopolies.
D. Public utilities are examples of natural monopolies.
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Fiscal policies that move the economy toward potential GDP without a change in policy are called
A) spending stabilizers. B) economic stabilizers. C) GDP stabilizers. D) routine stabilizers. E) automatic stabilizers.
Refer to Figure 4-2. What area represents the increase in producer surplus when the market price rises from P1 to P2?
A) B + D B) A + B C) A + C + E D) C + E
Suppose a six-sided dice is rolled twice. The probability of getting a five during the second roll will depend on the outcome of the first roll
Indicate whether the statement is true or false
When inflation rises, firms make
a. more frequent price changes. This raises their menu costs. b. more frequent price changes. This reduces their menu costs. c. less frequent price changes. This raises their menu costs. d. less frequent price changes. This reduces their menu costs.