A market structure in which two firms control the market is a
a. monopoly.
b. monopolistic competition.
c. perfect competition.
d. duopoly.
d. duopoly.
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
If a restaurant was a natural monopoly, dividing the restaurant equally into two separate restaurants would
A) increase total revenue. B) make marginal revenue less elastic. C) decrease marginal cost. D) raise average total cost.
A government program would impose a 25-cent tax on each pack of cigarettes in order to fund welfare programs. Such a policy
a. is not a Pareto improvement b. is an example of an economically inefficient economy c. would clearly not increase tax revenues d. is a Pareto improvement e. could only occur in a fair economy
Which of the following statements accurately explains the superstar phenomenon in wages?
a. Better carpenters earn more than average carpenters because people are willing to pay higher prices for higher-quality work. b. The more productive an author is, the more books she can write each year, so the more she earns. c. Talented movie stars earn more than equally talented mechanics because technology allows the delivery of the services provided by the movie stars to all interested customers. d. Athletes get paid for performing services that everyday people perform as hobbies.