When there is only one buyer in the market
A) a closed shop exists.
B) a monopsony exists.
C) then the market will be perfectly competitive.
D) the supply curve for the good will be perfectly elastic.
B
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Using the data in the above table, gross domestic product as calculated by the income approach equals ________
A) $2,333 B) $2,592 C) $2,925 D) $2,205
Crude oil can be refined into home heating oil or gasoline. If very cold weather caused the price of home heating oil to increase then, the
A) supply of gasoline would increase. B) demand for gasoline would increase. C) equilibrium price of gasoline would rise. D) Both answers A and C are correct.
Everything else held constant, if a central bank makes an unsterilized ________ of foreign assets, then the domestic money supply will ________ and the domestic currency will appreciate
A) purchase; increase B) purchase; decrease C) sale; increase D) sale; decrease
What condition led the Fed to begin using quantitative easing?
A. Stagflation rendered open-market operations practically pointless because banks were neither buying nor selling bonds. B. Unemployment and inflation were both rising quickly, rendering traditional monetary policy unusable. C. Congress authorized the Fed to get involved in fiscal policy. D. The Fed could no longer reduce interest rates.