The spectrum of market structures, aligned from the least to the greatest number of firms, spans
a. monopoly to duopoly
b. monopoly to oligopoly
c. monopoly to triopoly
d. monopoly to perfect competition
e. monopolistic competition to oligopoly
D
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Economists may disagree about how to solve an economic problem because they
A. use different models to analyze the problem and its solutions. B. have different political and moral beliefs. C. disagree about the facts of the situation. D. All of these responses are correct.
If two countries begin trade and both produce a product subject to external economies of scale, then the country with the ________ rate of production will ________ production until it controls ________ of the market
A) higher; increase; 100% B) higher; increase; 50% C) lower; increase; 100% D) lower; increase; 50% E) higher; decrease; 0%
Using the supply and demand equations for wheat, solve for the equilibrium price and quantity as functions of I and r
What will be an ideal response?
"Monetary instability has been the major cause of economic instability in this country. Expansion in the money supply has been the source of every major inflation. Every major recession has been either caused or perpetuated by monetary contraction." Who among the following would most likely adhere to this view?
A. Monetarists. B. Keynesians. C. Demand-side economists. D. Quantity theorists.