Which of the following markets is closest to a monopoly?
A) a firm with a 90% market share
B) the only gas station for 100 miles
C) cable television
D) garbage disposal
B
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Which characteristic would best be associated with perfect competition?
A. price takers B. product differentiation C. nonprice competition D. few sellers
Suppose that the nominal exchange rate between the U.S. dollar and the Mexican peso is 0.10 dollars per peso. If Mexico's inflation is 10 percent and the United States' inflation is 0 percent, from the U.S. point of view, the real exchange rate
A) appreciates to 0.11 dollars per peso. B) depreciates to 0.11 dollars per peso. C) appreciates to 0.09 dollars per peso. D) depreciates to 0.09 dollars per peso. E) appreciates to 0.2 dollars per peso.
A university raises annual tuition by 10 percent. No other events have occurred, and the university's revenues have increased. It must be TRUE that
A) the associated change in quantity demanded was smaller than 10 percent. B) the associated change in quantity demanded was equal to 10 percent. C) the associated change in quantity demanded was greater than 10 percent. D) there was no associated change in quantity demanded.
The substitution effect is thought to dominate the behavior of low-wage workers
a. True b. False Indicate whether the statement is true or false