A firm that is the sole producer of a good or service with no close substitutes is called a:
A. monopolist.
B. perfectly competitive firm.
C. oligopolist.
D. monopolistically competitive firm.
Answer: A
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If a good is a necessity, it has ________ substitutes and its demand is ________
A) poor; elastic B) poor; inelastic C) many; elastic D) many; inelastic E) many; precisely unit elastic
A tax on a specific good or service is called an ad valorem tax
a. True b. False
Which of the following statements is false?
A) An increase in demand causes equilibrium price and quantity to rise. B) A decrease in demand causes equilibrium price and quantity to fall. C) An increase in supply causes equilibrium price to fall and quantity to rise. D) A decrease in supply causes equilibrium price to rise and quantity to rise.
Describe the market process that should occur if the price of a product is below its equilibrium price; now describe what would occur if the price is above its equilibrium price, assuming no market interference
What will be an ideal response?