A monopoly occurs when
A) each of many firms produces a product that is slightly different from that of the other firms.
B) one firm sells a good that has no close substitutes and a barrier blocks entry for other firms.
C) there are many firms producing the same product.
D) a few firms control the market.
E) one firm is larger than the many other firms that make an identical product.
B
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Which of the following contributes to increasing marginal returns?
A) decreasing implicit costs B) increasing explicit costs C) specialization of labor D) Both answers A and B are correct. E) Both answers A and C are correct.
Which of the following statements is TRUE about the role of gifts given to U.S. citizens from foreign residents?
A) Gifts are not included in the balance of payments because of the nature of the gift. B) Gifts are only included in the balance of payments if the gift is given to a government official. C) Gifts are included in the balance of payments. D) Gifts given to U.S. citizens are not included in the balance of payments but gifts given to foreigners are included.
If the quantity of euro demanded were greater than the quantity supplied, then the price of the
a. euro would rise. b. euro would fall. c. dollar would rise. d. euro would be in equilibrium.
If marginal cost is equal to marginal revenue
A. the firm should expand output. B. the firm should contract output. C. the firm should hold output constant. D. there is no way to determine if the firm should expand output, contract output, or hold output constant.