A monopoly which arises from significant economies of scale is referred to as a
A. natural monopoly.
B. patent monopoly.
C. strategic resource monopoly.
D. monopolistic competitor.
Answer: A
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
High price and low total utility indicate
A. low marginal utility. B. large quantities are sold. C. high marginal utility. D. a high price/marginal utility ratio.
Asymmetric information generally implies
A. information between parties is not equal. B. all parties are fully informed. C. information is costless. D. information is too costly to transmit.
Dissaving occurs when
A. disposable income exceeds consumption. B. the marginal propensity to consume is equal to zero. C. the marginal propensity to save is greater than 1. D. consumption exceeds disposable income.