The South African diamond production monopoly is an example of monopoly through
a. "patent power."
b. legal restriction.
c. control of scarce resources.
d. large sunk costs.
c
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The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, there is
A) a shortage of 3,000 units of rental housing. B) a shortage of 6,000 units of rental housing. C) a surplus of 3,000 units of rental housing. D) neither a shortage nor a surplus of rental housing.
Refer to Table 15-4. Suppose the following table illustrates the values of real and potential GDP and the price level if the Fed does not vote to change their current policy to be more contractionary or expansionary
If the Fed wants to keep real GDP at its potential level in 2017, should the Fed use a contractionary or expansionary policy? How should it conduct open market operations to achieve its goal?
________ is an experiment that tests the significance of fairness in consumer decision making
A) The ultimatum game B) The fairness challenge C) The consumer choice paradigm D) The Giffen paradox
The ability of a monopoly to charge a price that exceeds marginal cost depends on
A) the price elasticity of supply. B) price elasticity of demand. C) slope of the demand curve. D) shape of the marginal cost curve.