A firm that is a "pure monopoly" is
a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run.
b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry.
c. the only buyer of a unique raw material.
d. the producer of a product subsidized by the government.
B
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In the English market, colonial tobacco was ______________ Spanish tobacco
a. more expensive than b. less expensive than c. priced similarly to d. more heavily taxed than
Recently, Dow Chemical 8.5 percent bonds maturing in 2006 closed at $92 with a face value of 100 . This means the Dow bonds
a. sold for $92 each. b. increased in value $92 that day. c. sold at 92 percent of par value. d. had the year of maturity changed to 1992.
What is the relationship between real and nominal interest rates?
a. They are both different names for the same thing. b. The real interest rate is the rate stated on a loan. c. Real interest rate is calculated by subtracting inflation from nominal interest rate. d. Nominal interest rate is calculated by subtracting inflation from real interest rate.
Assume that for a given consumer, the marginal utility of cheap food is 100 and the price of cheap food is $40. Also, assume that the marginal utility of environmental quality is 200 and the price of environmental quality is $100. This consumer:
A) Should buy more environmental quality. B) Is in equilibrium. C) Should buy more cheap food. D) Can't tell; insufficient information given to answer this question.