Which of the following would NOT tend to increase the buying price in an oligopsony?
A) More buyers in the market
B) Collusion among the buyers
C) More elastic supply
D) Rightward shift in the MV curve
B
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The real GDP refers to the value of final output produced in a given period, adjusted for
A. Fixed prices. B. Final prices. C. Changing prices. D. No prices.
In Figure 9.6, if full employment occurs at QA, then aggregate demand is
A. Too small, causing an inflationary gap. B. Just right, causing no cyclical unemployment. C. Too great, causing a recessionary gap. D. Too great, causing an inflationary gap.
How did the existence of the baby boom generation change demand in the United States?
a. Demand was raised for different goods with each age the baby boomers reached. b. After they reached the teenage years, the baby boomers were integrated into the society and no longer affected demand. c. People were poorer because they had so many children, so demand was lowered. d. The baby boomers did not raise demand until they became adults, when they had their own money to spend.
The monopolistically competitive firm maximizes profit by producing to the point at which
A) ATC = AVC. B) MC = MR. C) MR = AR. D) MC = P.