A market structure in which only one firm has survived because of its economies of scale is called a
A. natural monopoly.
B. planned monopoly.
C. structural monopoly.
D. free monopoly.
Answer: A
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The slope of the contract curve for two consumers is determined by the
A. relative prices of goods. B. marginal rates of substitution of the two trades. C. income of the two traders. D. absolute prices of goods.
How does a tariff affect the domestic price of the import, the domestic consumption, the domestic production, and the quantity imported?
What will be an ideal response?
The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?
A. +32.0% B. +0.32% C.-3.2% D. +3.2%
When demand changes, there is a ____, whereas when the price changes, there is a ____. Question 14 options:
A. change in the quantity demanded; change in demand B. shift in the demand curve; movement along the demand curve C. movement in the quantity demanded; shift in buying plans D. movement along the demand curve; shift in the demand curve