Which market structure(s) is(are) imperfectly competitive?
oligopoly
monopolistic competition
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We would expect, all else equal, that:
A. lower taxes would reduce unemployment. B. higher taxes would reduce unemployment. C. taxes would have no effect on unemployment. D. taxes would be negatively related to unemployment.
Considering the market for loanable funds as depicted in the given graph, a change that increased the quantity people want to save at any given interest rate would cause a new equilibrium at a:
A. lower interest rate and a higher equilibrium quantity of funds saved and invested.
B. higher interest rate and a higher equilibrium quantity of funds saved and invested.
C. lower interest rate and a lower equilibrium quantity of funds saved and invested.
D. higher interest rate and a lower equilibrium quantity of funds saved and invested.
The area between the market price and the demand curve provides a measure of: a. consumer surplus
b. producer surplus. c. consumer surplus plus producer surplus. d. marginal utility.
Assuming that firms maximize profits, how will the price and output policy of an unregulated monopolist compare with ideal market efficiency?
a. The output of the monopolist will be too large and the price too high. b. The output of the monopolist will be too small and the price too low. c. The output of the monopolist will be too small and the price too high. d. The price will be too high, but the impact of monopoly on the output is indeterminate.