There would be a unique product for which there are few close substitutes under which market model?
A. Oligopoly
B. Pure competition
C. Monopolistic competition
D. Pure monopoly
Answer: D
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Assume a bank has total deposits of $100,000 and $20,000 is set aside to meet reserve requirements of the Fed. Its required reserve ratio is:
a. $20,000 b. 20 percent. c. 0.2 percent. d. 1 percent.
The slope of an indifference curve at all points reflects
a. the terms by which the consumer can trade off goods in the market. b. the relative prices of the two goods. c. the willingness of the consumer to trade one good for another. d. consumer income relative to the price of a good. e. the relative price ratio of the two goods.
Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A. Joe and Mary cannot make a mutually beneficial exchange. B. Joe and Mary will only trade if the equilibrium price is less than $1. C. Joe and Mary can make a mutually beneficial exchange. D. Joe and Mary will not trade in equilibrium.
The purpose of antitrust legislation is
A) to reduce unemployment. B) to reduce the power of monopoly. C) to increase the power of monopoly. D) to maximize employment for a given price level.