The situation in which one firm can produce the total output of the market at a lower cost than several firms is called a
A) natural monopoly.
B) pure monopoly.
C) ruling monopoly.
D) cost monopoly.
A
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Strategic behavior occurs when:
a. there are a large number of firms selling identical products. b. there is only one firm in the market. c. the firms have no command over the prices of the good they produce. d. the firms can take any decision irrespective of what their rival does. e. what is best for a firm depends on what his rival does.
The Keynesians offer a different view of the quantity theory of money from the classical economists and monetarists in that they
a. accept the idea that V is stable and predictable b. believe a price increase may lead to an increase in money velocity c. believe Q always reflects full-employment GDP d. believe that changes in the supply of money never affect P or Q e. believe that an increase in the money supply can lower real GDP because the economy is always at full employment
The inflation rate in a particular country changed from 4 percent to 8 percent during two subsequent quarters of the same year. As a result, retail outlets had to reprint new sticker prices for their products. This additional cost borne by the retailers because of the inflation is an example of a: a. menu cost
b. shoe-leather cost. c. unit-of-account cost. d. time cost.
Which of the following values would be included in U.S. GDP for 2015?
a. the rent that Sam, an American citizen, would have paid on his home in Houston in 2015 had he not owned that home. b. the rent that Jim, an American citizen, paid on his apartment in San Francisco in 2015. c. the value of the legal services provided by Juan, an attorney and a Mexican citizen, who lived in San Antonio and practiced law there in 2015 d. All of the above would be included in U.S. GDP for 2015.