Which of the following market structures is characterized by a single firm and huge barriers to entry?
a. Monopolistic competition
b. Oligopoly
c. Monopoly
d. Monopsony
e. Perfect competition
c
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According to this Application, economist John Taylor believes that if the Fed had not followed "easy money" policy during the early 2000s,
A) housing starts would have declined quicker, accelerating the timing and severity of the housing bust. B) housing starts would have been much higher and the housing boom would have continued. C) housing starts would have been much lower and the housing boom and bust would have been avoided. D) housing starts would have stabilized, leading to a mild housing boom with no bust.
Which area in the above figure equals the consumer surplus under perfect price discrimination?
A) A + B + C + D + E + F + G + H B) A + B + C + D + E C) A + B D) There is no consumer surplus.
The law of demand is graphically depicted as a(n)
a. vertical demand curve b. horizontal demand curve c. downward-sloping demand curve d. upward-sloping demand curve e. curved demand line
Under the gold standard, a country experiencing a gold outflow
a. has a balance of payments surplus. b. had an increasing money supply. c. experienced a decline in output. d. experienced an increase in output.