A market served by only one firm is called a(n):
A. perfectly competitive market.
B. monopoly.
C. oligopoly.
D. Any of these could be correct.
Answer: B
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A decrease in consumption will result in
A) both total utility and marginal utility decreasing. B) total utility increasing, but marginal utility decreasing. C) total utility decreasing, but marginal utility increasing. D) both total utility and marginal utility increasing.
Based on the table "Real and Nominal GDP," if year one is the base year, then the inflation rate in year three is ________
A) 14.6% B) 9.5% C) 9.9% D) 11.5% E) 16.5%
Although U.S. Steel is integrated into iron ore mining, it currently does not own any of the mines that supply its coking coal because:
a. the company has a high requirement of coking coal which cannot be supplied by a single mine. b. the coal prices are highly unpredictable and volatile. c. there are a limited number of coal suppliers. d. futures and options markets are available for coal.
Since the income elasticity for food is estimated to be 0.51, it appears that the proportion of income spent by poor people on food is ____ the proportion spent by those with higher incomes
a. greater than b. less than c. about the same as d. about half as great as