A market with one buyer and one seller is a
A. Bilateral monopoly.
B. Multiopoly.
C. Bilateral monopsony.
D. Multilayer monopoly.
Answer: A
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The federal government ran a budget deficit of approximately $1.3 trillion in 2011
Indicate whether the statement is true or false
If Al is risk averse, as his wealth increases, his total utility of wealth ________ and his marginal utility of wealth ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Exhibit 3-1 Market Demand
Suppose there are only three people in the economy: Jane, Harry, and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3-1. The total quantity demanded of corn if the market price is $5 is
A. 3. B. 25. C. 17. D. 26.
Under a balanced budget policy, a sharp decline in GDP will cause
A. no serious budget changes. B. a tax cut or an increase in expenditures. C. a tax increase or expenditure cut. D. tax receipts to exceed government expenditures.