A monopsony is a market situation in which there is only one seller.
Answer the following statement true (T) or false (F)
False
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Asymmetric information describes a situation in which
a. one side of the market – buyer or seller – has more information about the good than does the other side. b. advertising dominates whatever information consumers have about the good c. only the seller has information about the good d. only the buyer has information about the good e. price is unknown until market day
A monetary policy that results in price stability will encourage the realization of gains from trade and thereby help promote economic growth.
a. true b. false
In an oligopoly, producers' agreements to restrict output tend to be unstable because each firm has an incentive to
A. raise its price above the cooperative price. B. establish competitive price and output levels. C. produce more than its output quota. D. lower both its price and its output.
Refer to the figure below. If box A represents households, B the product market, and C businesses, and if flow (3) represents revenues, then flow (1) would represent:
A. Costs
B. Money income
C. Consumption expenditures
D. Resources