Other things being equal, which market structure would produce the least output and the highest average product price?
A) monopoly
B) oligopoly
C) monopolistic competition
D) perfect competition
Answer: A) monopoly
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Which of the following statements is true, assuming leisure is a normal good?
A. If the income effect is sufficiently large, the labor supply curve will bend backwards. B. If the income effect is sufficiently small, the labor supply curve will bend backwards. C. If the income effect is sufficiently large, the labor supply curve will slope down. D. If the income effect is sufficiently large, the labor supply curve will shift to the left.
Which statement is true?
A. The Fed can induce people to buy United States government securities, but it can't induce them to sell. B. The Fed can induce people to sell United States government securities, but it can't induce them to buy. C. The Fed can induce people to buy and sell United States government securities. D. The Fed cannot induce people to buy or sell United States government securities.
Which of the following is most likely to discourage international trade?
A) Higher import tariffs B) Higher export subsidies C) Lower interest rates D) Lower income tax rates Industria is predominantly a producer and exporter of manufactured goods. However, it imports several agricultural products.