A market where there is only one buyer for a good or service is called a monopoly.
Answer the following statement true (T) or false (F)
False
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The specialization in production made possible by the use of money to avoid barter is an illustration of the:
A. cost-benefit principle. B. principle of increasing opportunity cost. C. principle of comparative advantage. D. scarcity principle.
According to the theory of purchasing-power parity, the nominal exchange rate between two countries must reflect the differing
a. price levels in those countries. b. resource endowments in those countries. c. income levels in those countries. d. standards of living between those countries.
Which of the following statements is true about health care costs in the United States?
A. Costs have risen because increases in the price of health care have more than offset reductions in the quantity of health care provided. B. Costs have risen because increases in the quantity of care provided have more than offset price reductions realized through economies of scale. C. Costs have risen because both the price of health care and the quantity provided have risen. D. Costs have remained relatively stable as price increases have been largely offset by reductions in the quantity provided.
If workers suddenly decide to value more their leisure time than before, this
A) shifts the labor supply curve to the left, resulting in a wage increase and less workers hired. B) shifts the labor supply curve to the right, resulting in a wage increase and less workers hired. C) shifts the labor supply curve to the left, resulting in a wage decrease and less workers hired. D) shifts the labor supply curve to the right, resulting in a wage increase and more workers hired.