Which of the following is NOT a characteristic of monopoly market structures?
A. There are no barriers to entry.
B. A single firm produces the entire market output.
C. No close substitutes for the product are available.
D. The easier consumers can find imperfect substitutes for the firm's product the lower will be the firm's market power.
Answer: A
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In the above figure, a surplus exists in the gasoline market when the price is
A) $1/gallon. B) $2/gallon. C) $4/gallon. D) below $2/gallon.
If Janet Yellen, Chair of the Federal Reserve Board, begins to tighten monetary policy by raising US interest rates next year, what is the likely impact on the value of the dollar?
a. The value of the dollar falls when US interest rates rise. b. The value of the dollar rises when US interest rates rise. c. The value of the dollar is not related to US interest rates. d. This is known as Purchasing Power Parity or PPP. e. The Federal Reserve has no impact at all on interest rates.
Which of the following has the highest velocity of money?
a. A $5 bill has four exchanges in four days. b. A $10 bill has seven exchanges in five days. c. A $1 bill has two exchanges in three days. d. A $20 bill has three exchange in six days.
Environmental harm declines with rising income per person when
A. with rise in income the increase in demand for better environment quality is larger than any adverse effects from rising production scale. B. the adverse effect of any increase in nominal Gross Domestic Product (GDP) dominates any modest improvements from better production techniques. C. the government imposes restrictions on the import of environment-friendly technologies from abroad. D. the consumption of environment-friendly goods decline with an increase in income.