Which of the following is NOT a characteristic of a monopoly?
A. A great deal of political power
B. No close substitute products
C. The ability to make an economic profit in the long run
D. Operating at the lowest point on the ATC curve
D. Operating at the lowest point on the ATC curve
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When a country or a region of a country specializes in producing the product that has the lower opportunity cost compared to another country or region, it is practicing
A) absolute advantage. B) cost disadvantage. C) regional advantage. D) comparative advantage.
Which of the following markets is closely related to macroeconomics?
a. Cattle futures market. b. Fulton's fish market. c. Skilled labor market. d. Nation's unemployment rate.
If an externality is present in a market, economic efficiency may be enhanced by
a. government intervention. b. a decrease in foreign competition. c. fewer market participants. d. weaker property rights.
The ________ the Lorenz curve is from/to the line of perfect equality, the ________ is the Gini coefficient, and the ________ income equality exists.
A. closer; higher; less B. farther; higher; more C. farther; higher; less D. closer; lower; less