Which of the following describes the market structure of monopoly?
a. many firms with some control over price, and considerable product differentiation
b. many firms with no control over price, producing identical products with no differentiation
c. a few firms with some control over price, producing similar products which are close substitutes
d. a few firms with no control over price, producing highly differentiated products
e. a single firm producing all of the output for the industry
E
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If real GDP grows at 4 percent, the quantity of money grows at 6 percent, and velocity does not change, then in the long run the inflation rate is
A) 2 percent. B) 4 percent. C) 10 percent. D) 1.5 percent. E) 6 percent.
Refer to the figure above. Which of the following combinations is unattainable?
A) A B) B C) D D) E
The delay between when a problem is recognized and when policy action is taken is referred to as the
A) recognition lag. B) action lag. C) effectiveness lag. D) policy lag.
A juice company moves from a small kitchen into a large former soda factory that provides space for future expansion. Which of the following offers the best explanation of why average total costs are high as production gets underway in the new plant?
a. Most of the staff is inexperienced. b. The building is being underutilized. c. Ingredients are often seasonal. d. The firm offers volume discounts.