A monopsony is a:
a. large number of buyers.
b. large seller.
c. single seller.
d. single buyer.
d
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The only disease-specific group eligible for Medicare are those suffering from AIDS
a. end-stage renal disease. b. advanced coronary artery disease. c. metastasized cancer. d. diabetes
The market demand for an item is
a. the sum of individual demands. b. steeper for any given price change than the individual demand curves. c. independent of the number of individuals in the market. d. determined by dividing the quantity demanded by each individual by the number of individuals in the market.
Which of the following is a reason for the fast-food outlet McDonald's to be considered a monopolistic competitor?
A. McDonald's produces an identical product. B. McDonald's competes with almost a quarter million other fast-food outlets. C. McDonald's demand curve is a horizontal line. D. None of these statements support a monopolistic competitor.
Which of the following examples would most likely be measured by the price elasticity of demand?
a. The sale of sweaters peaks during the holiday season and then plateaus. b. When sweaters are discounted by 10 percent, the number sold doubles. c. When sweaters go on sale, the company hires two more sales people. d. The holiday sweater sale lasts until the last garment is sold.