The situation in which one firm can produce the total output of the market at lower cost than several firms is called a
A) natural monopoly.
B) pure monopoly.
C) ruling monopoly.
D) cost monopoly.
A
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Which of the following is an indicator of how much output the average person would get if all output were divided up evenly among the population?
A. Real GDP. B. GDP deflator. C. Nominal GDP. D. Per capita GDP.
Refer to the above figure. A shortage will exist when
A. quantity demanded equals 3. B. the price equals $10. C. the price equals $6. D. the price is between $0 and $6.
The classical approach to macroeconomics assumes that
A. wages and prices adjust quickly to balance quantities supplied and demanded in markets. B. prices, but not wages, adjust quickly to balance quantities supplied and demanded in markets. C. neither wages nor prices adjust quickly to balance quantities supplied and demanded in markets. D. wages, but not prices, adjust quickly to balance quantities supplied and demanded in markets.
According to the graph shown, consumer surplus is:
A. $15. B. $20. C. $30. D. $10.