An exponential reserve index assumes
a. That economically recoverable reserves will increase exponentially
b. That consumption will increase exponentially
c. That the resource lifetime will increase exponentially
d. That identified reserves will increase exponentially
e. That undiscovered reserves will increase exponentially
Ans: b. That consumption will increase exponentially
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A monopolist will hire fewer workers than a perfectly competitive firm because
A) the marginal product curve decreases as additional units of labor are hired for a monopoly but not for a competitive firm. B) there is a variety of employers in a competitive market and only one in a monopoly. C) marginal revenue is greater than price for a monopoly while marginal revenue is equal to price for a competitive firm. D) to sell an additional unit of the good the competitive firm will keep the price the same while the monopolist must lower it on all units sold.
Which of the following would cause an increase in the supply of smartphones?
a. An increase in the price of smartphones b. A movement toward the use of laptops by people c. A reduction in the cost of producing smartphones d. An increase in the minimum wage
An example of a public policy response to a monopoly is:
A. doing nothing. B. public ownership. C. antitrust laws. D. All of these are examples.
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.