Raising taxes on gasoline __________ the price of gasoline and __________ the number of gallons purchased.
Fill in the blank(s) with the appropriate word(s).
raises; lowers
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If the four-firm concentration ratio for the market for diapers is 73 percent, then this industry is best characterized as
A) a monopoly. B) monopolistic competition. C) an oligopoly. D) perfect competition. E) either a monopoly or monopolistic competition.
Structural unemployment
A) falls during the expansion phase of the business cycle. B) falls as the pace of technological progress increases. C) generally lasts longer than frictional unemployment. D) falls when the government provides more generous unemployment compensation benefits.
Assuming the law of one price, explain what the exchange rate between U.S. dollars and yen has to be if the price of steel in Japan is 15,000 yen per ton and the price in the U.S. is $125 per ton (assume no transaction costs).
What will be an ideal response?
When a second firm enters a monopolist's market,
A. the monopolist's demand curve decreases. B. the monopolist's demand curve increases. C. the monopolist's supply curve decreases. D. the monopolist's supply curve increases.