A market which consists of many sellers and only one buyer is called a:
A. monopoly.
B. monopolistic competitor.
C. oligopoly.
D. monopsony.
Answer: D
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An inferior good is one for which
a. the compensated demand curve fails to be downward sloping. b. higher prices have relatively little effect on the quantity demanded. c. the income elasticity is positive but less than 1. d. increases in income result in lower quantities demanded.
Use the figure below to answer the following question.
If actual production and consumption occur at Q1
A. there is deadweight loss of b + d. B. there is deadweight loss of e + d. C. economic surplus is maximized. D. consumer surplus is maximized.
Which of the following statements is an accurate statement about the Social Security (OASDI) program?
A. The program transfers income from those who work to those who do not work. B. Only 50 percent of workers are covered by OASDI. C. Benefits are based on financial need. D. The program is financed by voluntary contributions.
Since the 1970s, union membership in the U.S. has been
A. declining. B. erratic. C. remaining constant. D. rising.