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.
c
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If one firm sets the market price
a. the market is perfectly competitive b. the market is not perfectly competitive c. there are a large number of buyers who can buy from a wide range of competitors d. there is free entry into the market e. its product must be a standardized commodity, produced by many competitors
A majority of the world's exports are exported to
a. small countries b. less-developed countries c. poor countries d. industrially-developed countries e. the United States
Sunk costs are those costs that:
A. do not vary without output. B. can be collected even after they have been paid. C. do vary with output. D. are forever lost after they have been paid.
Which fiscal policy would be the most expansionary?
A. A $40 billion tax cut B. A $20 billion tax cut and $20 billion increase in government spending C. A $40 billion increase in government spending D. A $10 billion tax cut and $30 billion increase in government spending