For Industry A, its 1-firm, 2-firm, 4-firm and 8-firm concentration ratios are the same. Based on this, we can conclude that Industry A is
A. pure competition.
B. oligopoly.
C. monopolistic competition.
D. pure monopoly.
Answer: D
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If real GDP is $4 billion, the price level is 1.25, and the nominal money stock is $500 million, then velocity is
A) 0.1. B) 1. C) 10. D) 100.
A demand for a product is more elastic
a. When it has few substitutes b. In the long-run c. When the expenditure on the product represent a small portion of the budget d. When the product is broadly defined
Which of the following has resulted from the North American Free Trade Agreement (NAFTA)?
a. Domestic producers in the United States, Canada, and Mexico have free access to larger markets. b. The low wages of Mexican workers have made it virtually impossible for American and Canadian producers to export goods to Mexico. c. A smaller variety of goods are available to consumers in all three countries. d. Unemployment has increased in all three countries.
Elastic demand displays considerable:
A. income stretch. B. cross-price stretch. C. price stretch. D. quantity stretch.