A firm that produces the entire market supply of a certain good or service is known as:
A.) A competitive firm.
B.) An oligopoly.
C.) A monopsony.
D.) A monopoly.
D.) A monopoly.
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Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516If this demand schedule were graphed, we would find that
A. its slope diminishes as we move southeast down the curve. B. its slope is constant throughout. C. its slope diminishes as we move northwest up the curve. D. the data are inconsistent with the law of demand.
Use the following graph, which shows the supply and demand curves for dollars in the pound/dollar market, to answer the next question.
Assume that D1 and S1 are the initial demand for and supply of dollars. Now suppose that Great Britain increases its imports of American products. Assuming freely-floating exchange rates, ________.
A. the dollar price of pounds will increase to $5 = 1 pound B. the pound price of dollars will rise to 1/4 pound = $1 C. the pound price of dollars will fall to 1/5 pound = $1 D. Britain will experience a dollar shortage of N?M
A free market fails when
A) firms that produce goods which create positive externalities go bankrupt. B) firms that produce goods which create negative externalities earn high profits. C) there is an external effect in either production, consumption, or both. D) there is government intervention.
Suppose a tax on sellers has been imposed as shown in the graph. Once the tax is in place, the buyers experience:
A. a decrease in demand.
B. an increase in demand.
C. a decrease in quantity demanded.
D. an increase in quantity demanded.