Which of the following is not a characteristic of a monopoly?
a. the seller has market power
b. one seller
c. free entry and exit
d. a product without close substitutes
c
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Sarah's Soothing Diapers, Inc and Orville's Odorless Diapers, Inc are duopolists, who have agreed to collude. Orville has decided that he will comply with the collusive agreement as long as Sarah cooperated in the previous period
But if Sarah cheated in the previous period, Orville will punish Sarah by cheating in the current period. Orville's strategy is referred to as a A) Nash strategy. B) tit-for-tat strategy. C) trigger strategy. D) monkey-see, monkey-do strategy.
If actual inflation is lower than expected inflation,
A) there is a redistribution of wealth from borrowers to lenders. B) there is a redistribution of wealth from lenders to borrowers. C) there is no redistribution of wealth, but the total wealth in the economy increases. D) there is no redistribution of wealth, but the total wealth in the economy decreases.
Expectations that disposable income will increase in the future will _____
a. shift the current consumption function upward b. shift the current consumption function downward c. result in an upward movement along the current consumption function d. make the current consumption function flatter e. make the current consumption function steeper
The ______ is defined as the percentage of the population earning less than a certain threshold.
a. poverty line b. working poor c. lowest quintile d. poverty rate