OPEC is an example of a:
A. monopsony.
B. monopoly.
C. duopoly.
D. cartel.
Answer: D
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If there are short-run profits in a competitive industry, will firms enter or exit over the long run? At what point will the final equilibrium be achieved?
What will be an ideal response?
Expansions of aggregate demand cause the economy to move along what is essentially a vertical aggregate supply curve when
A) wage increases catch up to inflation. B) higher prices can reduce interest rates no further. C) money supply growth rises to equal the rate of aggregate demand expansion. D) from a recession level of output, full employment is reached.
Taxes that governments place on imported goods for reasons such as protecting sensitive industries, influencing humanitarian practices, and protecting against dumping are called ____________.
a. tariffs b. penalties c. restrictions d. limits
If the fluctuations in the economy's real growth rate from year to year are caused primarily by variations in the rate at which aggregate demand increases, then data would show the
a. worst recession occurs when output expands most rapidly. b. slowest inflation occurs when output expands most rapidly. c. slowest economic growth occurs when output grows most rapidly. d. most rapid inflation occurs when output expands most rapidly.