A market with one or a small number of firms but no barriers to entry is known as
A) a natural monopoly.
B) a contestable market.
C) a perfectly competitive market.
D) monopolistic competition.
B
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Refer to Common Property II. If access cannot be prohibited, then users of the common property receive a surplus of
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. zero.
b. area I.
c. area F + G + H + I.
d. area A + C + F + I.
The nation's production possibilities frontier is bowed outward. Suppose that the government decides to increase the production of armaments by $20 billion, and that as a result the output of consumer goods falls by $20 billion
If a further $20 billion increase beyond the initial $20 billion increase in armaments output is sought, we can expect that the output of consumer goods and services will fall further by A) less than $20 billion. B) $20 billion. C) more than $20 billion. D) There is not enough information to determine the answer.
The productivity speed-up in the United States began in the
a. mid 1970s. b. mid 1980s. c. mid 1990s. d. beginning of 2001.
As long as some people anticipate policy, the economic consequences may be the same as if all persons do so
Indicate whether the statement is true or false