The term “bilateral monopoly” refers to market situations in which
A. there are two participants on the selling side.
B. there are two participants on the buying side.
C. there is a monopoly on the selling side and a monopsony on the buying side.
D. a monopoly has evaded antitrust laws.
Answer: C
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A product is likely to have a price elasticity of demand that exceeds 1 when
A) its price falls. B) the percentage of income spent on it decreases. C) it is a necessity. D) it has close substitutes.
In the absence of government action, the private market would probably not provide as much police protection as is socially desirable because: a. individuals are too poorly informed about the value of police protection
b. the private benefits are greater than the private costs of providing police protection. c. it is difficult to prevent free riders from benefiting from some police protection services. d. the use of police services by one person will significantly reduce the police protection available to others.
Suppose the Fed lowers its federal funds rate target. The Fed probably seeks to
A) lower the actual federal funds rate. B) raise the actual federal funds rate. C) leave unchanged the actual federal funds rate D) b or c E) a or c
For a given nominal exchange rate and foreign price level, a decrease in the domestic price level ________ the real exchange rate.
A. may either increase or decrease B. decreases C. offsets any change in D. increases