If the number of sellers increases, the
A. demand curve will shift to the right.
B. demand curve will shift to the left.
C. supply curve will shift to the right.
D. supply curve will shift to the left.
Answer: C
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"Duopoly" is
A) another name for monopoly. B) a special type of monopolistic competition. C) a two-firm oligopoly. D) a game with three players. E) the situation when a firm sets a duo (two) of different prices for its customers.
If Honda (a Japan-based firm) produces a car in Ohio and exports it to Japan, in which country's GDP will the car be counted?
a. Japan's, because Honda is a Japanese company b. Japan's because that is where the car is purchased c. The GDP of the United States because that is where it was built d. Both Japan and the United States
A surplus will occur if a ________ is set ________ the equilibrium price.
A. price ceiling; above B. price floor; below C. price floor; above D. price ceiling; below
The shape of a monopolist's ________ schedule is a curve bowed out from the quantity (horizontal) axis.
A. total cost B. total revenue C. marginal revenue D. marginal cost