Monopoly and monopsony markets have low barriers to entry.
a. true
b. false
Ans: b. false
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If you have a comparative advantage in a particular task, then:
A. you are better at it than other people. B. you give up less to accomplish that task than do others. C. you give up more to accomplish that task than do others. D. you have specialized in that task, while others have not.
One of the merits of plurality voting is:
A. its simplicity. B. it has all four criteria for an ideal voting system. C. it guarantees the best option will win. D. it produces a result that most participants are happy with.
According to Okun's law, when the output gap is positive, cyclical unemployment:
A. equals frictional unemployment. B. equals structural unemployment. C. equals zero. D. is negative.
A monopoly will NOT be able to perfectly price discriminate if
A) obtaining information about each buyer's reservation price is too costly. B) demand is very elastic. C) demand is very inelastic. D) resale is impossible.