A duopoly is an industry that consists of
A. a single firm.
B. two firms.
C. three or more firms.
D. a large number of small firms.
Answer: B. two firms.
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Rational expectation theory implies that accurately anticipated change in aggregate demand: a. will increase real GDP in the short run
b. will affect real GDP and inflation only in the long run. c. may affect nominal GDP but not real GDP in the short run. d. will do none of the above.
When all market participants are price takers who have no influence over prices, the markets have
a. only a few buyers and sellers. b. numerous sellers but only a few buyers. c. numerous buyers but only a few sellers. d. numerous buyers and sellers.
From the beginning of the 1990s to the year 2000, investment spending as a share of U.S. GDP has tended to
A) decrease. B) remain the same. C) fluctuate wildly. D) increase.
The price of a good will tend to rise when
a. there is excess demand for the good. b. there is excess supply of the good. c. demand for the good decreases. d. the supply of the good increases.