The World View article titled "Russia's Sable Monopoly Persists" provides evidence that Russia experienced
A. Barriers to entry.
B. Price discrimination.
C. Economies of scale.
D. Negative economic profit.
Answer: A
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In a market with a bilateral monopoly:
A) there is a single buyer and a single seller. B) there are many buyers and a single seller. C) there is a single buyer and few sellers. D) there are a few buyers and many sellers. E) there are a few buyers and a few sellers.
Is it likely that oligopolistic firms will be in both a kinked demand curve situation and also engage in price leadership? Why or why not?
Which of the following is an implicit cost to a firm that produces a good or service?
A. Labor costs B. Foregone profits of producing a different good or service C. Costs of operating production machinery D. Costs of renting or buying land for a production site
Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________
A) higher; higher B) higher; lower C) lower; higher D) lower; lower