A market dominated by a few large sellers who sell identical or differentiated products is called
A) perfect competition.
B) monopolistic competition.
C) monopoly.
D) oligopoly.
D
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All of the following are disadvantages of cost-plus pricing except
A) Allocating and apportioning business overheads to individual products could be somewhat arbitrary. B) If the industry comprises identical firms (with identical costs), markups could be consistent among firms leading to no one firm having a competitive edge in terms of price. C) It ignores the price elasticity of demand: for example, it may be possible to increase profits by raising or lowering price. D) The business has less incentive to cut or control costs: if costs increase, then selling prices increase. Consequently, this might further erode a firm's competitiveness.
If the Fed decides to use an open market operation to reduce the money supply by $1 million, and if the money multiplier is 10, then what total amount of Treasury securities must the Fed initially sell?
a. $10,000,000. b. $1,000,000. c. $100,000. d. $10,000.
The Phillips Curve depicts that, in general:
A. high amounts of unemployment in an economy will coincide with low inflation. B. high amounts of output in an economy will coincide with low inflation. C. high amounts of unemployment in an economy will coincide with high inflation. D. low amounts of unemployment in an economy will coincide with low inflation.
The demand curve a monopoly faces is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.