An essential characteristic of a monopoly is:
A. the good must have no close substitutes.
B. there can only be a few sellers in the market.
C. only one buyer must exist.
D. many buyers must exist.
A. the good must have no close substitutes.
You might also like to view...
If real GDP exceeds aggregate planned expenditure, what happens to a firm's unplanned inventories?
What will be an ideal response?
Which of the following statements is false?
A) An increase in demand causes equilibrium price and quantity to rise. B) A decrease in demand causes equilibrium price and quantity to fall. C) An increase in supply causes equilibrium price to fall and quantity to rise. D) A decrease in supply causes equilibrium price to rise and quantity to rise.
The objective of the Doha (Qatar) Round of trade negotiations was to
a. increase tariffs on oil products. b. place quotas on agricultural imports to the Middle East. c. lower trade barriers between countries of varying prosperity. d. put technical barriers on intellectual property.
Refer to the information provided in Table 22.2 below to answer the question(s) that follow. Table 22.2 PointAggregate Income (Y)Aggregate Consumption (C) A 10 14 B 20 23 C 30 25 D 40 26 E 50 34 F 60 39The data in the table was used to estimate the following consumption function: C = 12 + 0.4YRefer to Table 22.2. Which of the following points is (are) the best fit for the given consumption function?
A. A and D B. B and F C. C D. E