A market dominated by a single seller:
a. start-up costs
b. merger
c. patent
d. monopoly
e. deregulation
Ans: d. monopoly
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The three elements of a game are:
A. the costs, the revenue, and the profit. B. the firm, the consumers, and the profit. C. the players, the strategies, and the payoffs. D. the model, the graph, and the costs.
The marginal revenue product is
a. TR/P b. w/Q c. MPP × P d. MRP × P e. w × L
Which of the following statements about movement along the production possibilities
curve in the figure above is FALSE? A) An additional computer can be produced only if fewer televisions are produced. B) The trade—off between computers and televisions is not constant. C) Society cannot have more of both goods at the same time. D) There are no opportunity costs involved in choosing one point on the curve over all other points.
In the Case in Point on economic growth prospects for the United States, economist Robert Gordon expects for the near future:
A) A period of robust growth. B) A period of secular stagnation. C) A period of no growth. D) A period of no technological innovation.