A monopolized market is characterized by:
a. a sole seller of a product for which there are few suitable substitutes.
b. very strong barriers to entry.
c. a single firm facing the market demand curve.
d. all of these.
d
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If, in the market for money, the quantity of money demanded exceeds the money supply, the interest rate will
A. fall, causing households and businesses to hold more money. B. rise, causing households and businesses to hold more money. C. fall, causing households and businesses to hold less money. D. rise, causing households and businesses to hold less money.
Open market operations refers to the Fed's
A) manipulation of the required reserve ratio. B) purchase and sale of government bonds. C) manipulation of the discount rate. D) use of all of the above techniques.
Technically speaking, when the firm's output level is zero, its total revenue equals
a. zero b. its fixed cost c. its variable cost d. its marginal revenue e. its average revenue
Use the above figure. The consumer's choice changes from YB to YA. Which of the following statements about good Y is TRUE?
A. price has increased and the quantity demanded has fallen. B. price has decreased and the quantity demanded has fallen. C. price has decreased and the quantity demanded has risen. D. price has increased and the quantity demanded has risen.