Before World War II, Alcoa controlled the supply of bauxite in the United States. Because bauxite is a scarce resource that is vital to the production of aluminum:
a. Alcoa was bound to charge a nominal price in the U.S. aluminum market.
b. Alcoa had a monopoly in the U.S. aluminum market.
c. the U.S. aluminum market was highly competitive.
d. Alcoa can be said to have operated in a monopolistically competitive market.
e. Alcoa can be said to have operated in an oligopolistic market structure.
b
You might also like to view...
New Keynesian economists believe that nominal wages and prices respond ________ to shocks, and classical economists believe that nominal wages and prices respond ________ to shocks
A) quickly; quickly B) quickly; slowly C) slowly; quickly D) slowly; slowly
Authors Ulrich and Dunne found that many of the ways that people react to work, employers, and coworkers are based on:
a. early childhood experiences b. school experiences with teachers c. language development d. first paid work experiences
An economic model
a. always has a mathematical foundation b. can never be proven wrong c. can be constructed for an individual economic unit but not for the economy as a whole d. is a simplification of the real world e. can be constructed for the economy as a whole but not for an individual economic unit
______ concentrate power in the national government.
A. Federal countries B. Bicameral countries C. Unitary countries D. Higher law constitutions