In which market structure are there a small number of firms competing?
A) only monopoly
B) only oligopoly
C) perfect competition
D) monopolistic competition
E) either monopoly or oligopoly
B
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A competitive market is in equilibrium. Then there is a decrease in demand and a decrease in supply. The equilibrium price ________, and the equilibrium quantity ________
A) rises; decreases B) perhaps changes but we can't say if it rises, falls, or stays the same; decreases C) falls; increases D) perhaps changes but we can't say if it rises, falls, or stays the same; increases E) rises; increases
If an inflation forecast is based on last year's inflation rate, it is said to be
A) historical. B) rational. C) logical. D) adaptive.
If you are willing to sell your car business for $500,00 . and someone offers you $420,00 . for it, this transaction will generate:
a. There is no surplus created b. $80,00 . worth of seller surplus and unknown amount of buyer surplus c. $40,00 . worth of buyer surplus and $40,00 . of seller surplus d. $80,00 . worth of buyer surplus and unknown amount of seller surplus
If a large percentage increase in the price of a good results in a small percentage increase in the quantity supplied of the good, supply is said to be
a. horizontal. b. relatively inelastic. c. relatively elastic. d. income proof.