A group of producers that agree to set common pricing or output goals is known as a
A. cartel.
B. conglomerate.
C. monopoly.
D. perfect competitor.
Answer: A
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As bond prices increase:
A. the quantity of bonds demanded increases. B. the quantity of bonds supplied increases. C. yields increase. D. the quantity of bonds supplied decreases.
Assume that you are the owner of a small bakery in your home town. Which of the following would be a variable cost of production in the short run?
A. Baking ovens B. The interest on business loans C. Baking supplies (flour, salt, etc.) D. The annual lease payment for use of the building
In the classical model, high unemployment due to a change in aggregate demand
A) can persist for an indefinite period of time. B) will return to its normal level quickly as wages adjust. C) will persist if due to a supply shock but not if due to a demand shock. D) never exists because unemployment can never deviate from its normal level.
Industry A has four firms, each with a 25% market share while industry B has four firms, one firm with a 70% market share and the other three firms with 10% each. According to the Herfindahl-Hirschman Index, industry A is more highly concentrated
a. True b. False