Which of the following is NOT a characteristic of a monopoly?
A. There is only one seller.
B. A monopolist is a price-taker.
C. There exist barriers to entry.
D. A monopolist's sales revenue is constrained by the market demand.
Answer: B
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An affordable housing law will affect a city's housing prices only if:
a. the demand for houses in the city is downward sloping. b. the demand for houses in the city is almost horizontal. c. the demand for houses in the city is almost vertical. d. the demand for houses in the city is backward bending.
If China has an absolute advantage over Canada in producing both rice and tires, then
a. China should produce both rice and tire and Canada should produce both rice and tires b. there are no benefits possible to China from specialization c. Canada should produce tires and China should produce rice d. China should produce tires and Canada should produce rice e. more information is needed to tell whether China or Canada should specialize
If the Consumer Price Index (CPI) increases from 100 to 125 and the nominal wage increases from $125 to $300, what is the change in the real wage?
a. +$175 b. +$300 c. +$125 d. +$115 e. -$175
________: the segment of the aggregate supply curve that is perfectly inelastic
Fill in the blank(s) with correct word