If the quantities in the demand schedule in the table above were reduced by 2 units at each price, you would conclude that
A. demand increased.
B. demand decreased.
C. the demand curve shifted to the right.
D. both demand increased and the demand curve shifted to the right.
B. demand decreased.
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The cycle of ________ market demand that leads to ________, and then an increase in the market supply curve has caused many firms bankruptcy.
A) decreased; overexpansion B) decreased; increased firm level production C) increased; overexpansion D) increased; underexpansion
An essential characteristic of a monopoly is:
A. only one buyer must exist. B. there can only be a few sellers in the market. C. the good must have no close substitutes. D. many buyers must exist.
The people who sit on the Federal Reserve Open Market Committee are ____________.
Fill in the blank(s) with the appropriate word(s).
If two or more oligopolistic companies work together to keep their prices high and split the market between them, this is called
A. collusion. B. profit splitting. C. market sharing. D. perfect competition.