Refer to Figure 16-6. If Sensei acts as a monopolist, his profit-maximizing price is ________ and the number of classes sold is ________
A) P1; Q1 B) P0; Q1 C) P0; Q0 D) P1; Q0
A
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Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the supply of labor, a major new discovery of oil, and new environmental regulations that raise the cost of electricity production. In the short run
a. the price level will rise and real GDP will fall. b. the price level will fall and real GDP will rise. c. the price level and real GDP will both stay the same. d. All of the above are possible.
A cartel is most likely to occur in
A) perfect competition as firms compete by reducing cost. B) oligopoly as firms act together to raise prices and increase profits. C) monopolistic competition where firms collude to increase profits. D) oligopoly as firms compete to lower price and increase their own profits. E) monopoly because it faces no competition.
The government redistributes funds via transfer payments in order to ________
A) reduce the number of private transactions B) increase competition among domestic producers C) finance the operation of its various departments D) reduce inequality among the citizens
If four electronics companies agree to decrease their production of cell phones and raise the price of their cell phones to $400, this is an example of ________.
A) price fixing B) monopolization C) bid rigging D) market division