A market that experiences both strikes and lockouts at different times is most likely characterized by
A. Monopsony.
B. Monopoly.
C. Bilateral monopoly.
D. Monopolistic competition.
Answer: C
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According to Gordon, all of the following are important ingredients in the recent U.S. housing bubble EXCEPT
A) low interest rates. B) saving glut. C) financial innovation. D) trade deficit.
Answer the following statements true (T) or false (F)
1) Even if a firm is found guilty of price fixing, after paying all imposed fines, it is still possible for the firm to earn positive economic profit from the price fixing scheme. 2) A manager of a firm located in the United States that sells some of its products abroad needs to comply only with United States antitrust law as the firm is only bound by the laws of the country in which it is located. 3) If a luxury handbag firm enters into an agreement with its distributors by setting the minimum price its distributors can resell its handbags, United States antitrust agencies could examine this agreement using the rule-of-reason. 4) If a software company enters into an agreement with its distributors to only resell its software in 5 specific states, under United States antitrust laws, this agreement is illegal per se. 5) If a software company charges different prices for its product in different areas of the United States, under United States antitrust laws, this agreement is illegal per se.
In accordance with the law of supply, both individual and market supply curves are drawn:
a. horizontal. b. vertical. c. downward-sloping. d. upward-sloping.
What pitfall is linked with adding up individual behaviors?
a. rationality b. the fallacy of composition c. correlation and causation confusion d. the economic problem