A large number of sellers all selling an identical product implies which of the following?
A) market chaos
B) the inability of any seller to change the price of the product
C) large losses incurred by all sellers
D) horizontal market supply curves
E) vertical market supply curves
B
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Black markets are frequent occurrence in markets with price ceilings.
Answer the following statement true (T) or false (F)
Monopoly pricing prevents some mutually beneficial trades from taking place. These unrealized, mutually beneficial trades are
a. not a concern if a market is perfectly competitive. b. a deadweight loss to society. c. a function of the reduction in the quantity produced by a monopolist in comparison to a competitive market. d. All of the above are correct.
Under the system of pegged exchange rates, when the domestic currency's value presses against the top of its official price range, officials must
A. sell foreign currency and buy domestic currency. B. guide the exchange rate to reach the equilibrium rate. C. buy foreign currency and sell domestic currency. D. let the exchange rate change and refrain from intervention in the foreign exchange market.
Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. Then in ________ real GDP began to increase without limit and by 1850 had risen to twice its 1650 level because ________
A) 1750; of the Industrial Revolution B) 1776; United States was founded C) 1750; Columbus arrived in the Americas D) 1650; the Pilgrims arrived in the Americas E) 1650; of the Industrial Revolution