All these are characteristics of a monopoly except,
a. There is one seller of the product
b. Has few substitutes
c. Controls a large share of the market
d. Controls a small share of the market
d
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Augustin Cournot showed (in 1838) that each of a small number of quantity-setting firms in a homogeneous-product market will sense the influence of the individual firm's own output on market price, and will offer less than the competitive quantity
as a result. Indicate whether the statement is true or false
Which of the following is correct?
a. Consumer surplus refers to a situation in which there are more buyers than sellers in a market. b. Producer surplus refers to a situation in which there are more sellers than buyers in a market. c. Total surplus is measured as the area below the demand curve and above the supply curve, up to the equilibrium quantity. d. All of the above are correct.
A farmer that is holding corn is short in the cash market.
a. true b. false
Over half of U.S. consumer expenditures are for what?
A. Nondurable goods. B. Durable goods. C. Housing. D. Services.