If the firms in an oligopoly collude, the results will approximate what other type of industry?
a. perfect competition
b. monopolistic competition
c. monopoly
d. none of the above
c
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If a one percent increase in the population leads to a five percent increase in the quantity sold, an economist would claim
A) the good is elastic with respect to population. B) the good is inelastic with respect to population. C) the good is a fad. D) consumers are misinformed about the quality of the product.
An asset for a commercial bank is its US govt securities (treasury bonds, bills, and notes)
a. true b. false
When there's a shortage in the number of jobs available when teenagers look for summer jobs, the type of unemployment that arises is called
A. Frictional unemployment. B. Seasonal unemployment. C. Structural unemployment. D. Cyclical unemployment.
Pure economic rent is a payment to a resource that
A. has a perfectly inelastic supply. B. has a negative opportunity cost. C. has a perfectly elastic demand. D. has a high opportunity cost.