Which of the following is not associated with the monopoly market structure?
A. many sellers
B. a single seller
C. a unique product
D. impossible entry into the market
Answer: A
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A wage rate that is adjusted for changes in the price level is known as the
A) nominal wage. B) minimum wage. C) functional wage. D) real wage.
According to the graph shown, the consequence of expansionary fiscal policy is:
A. inflation.
B. deflation.
C. a greater level of potential output.
D. a lower level of potential output.
Which of the following subcomponents of GDP can be either positive or negative?
a. inventory investment b. exports c. government purchases d. All of the above are correct.
Varying plant sizes are shown graphically by
A. economies of scale. B. diseconomies of scale. C. the long-run average costs curve. D. diminishing returns. E. negative returns.