A monopoly exists when
A. One firm produces all the output for a particular good or service.
B. The government intervenes on behalf of consumers.
C. A large number of firms are producing a good.
D. A small number of firms are the only producers of a good.
Answer: A
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M1 is usually larger than M2
Indicate whether the statement is true or false
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket falls from $50 to $20
A) everyone will buy a ticket. B) consumer surplus decreases from $48 to $24. C) only three tickets will be sold. D) consumer surplus increases from $0 to $62.
What is capital flight?
What will be an ideal response?
President Nixon imposed wage and price controls in the early 1970s to curb inflation. Critics argued that the Nixon-imposed controls
a. did not alter the behavior of workers or businesses and therefore could have no long-run effect on curbing inflation b. worked not only to reduce future expectations of inflation but also economic growth c. while significantly changing long-run inflation rates, led to unacceptable rates of deflation d. was accompanied by large government expenditures e. helped to further heighten market pressures that already existed