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Which would be defining characteristics of pure monopoly

Which would be defining characteristics of pure monopoly?

1. The firm does not advertise and it sells a standardized product.
2. No close substitutes for the product exist and there is one seller.
3. The firm can easily enter into or exit from the industry and profits are guaranteed.
4. The firm holds a patent and is technologically progressive.

The Town of Bed ford Fallswants to buy four new police cars. The opportunity cost of
buying the police cars is the:

1. Cost of buying the cars now vs. buying them later.


2. Ability to make more arrests and reduce the total annual crime rate.


3. Other desirable goods or services that must be given up to buy the cars.


4. Dollar cost of the new cars.

Who were the classical economists?

A leakage or withdrawal is any use of the income received by households that does notreturn
as revenue to domestic firms.
1. True
2. False


The aggregate supply curve is the relationship between the:

1. Price level and the real domestic output purchased.
2. Price level and the real domestic output produced.


3. Price level which producers are willing to accept and the pricelevel purchasers are willing to pay.

4.Real domestic output purchased and the real domestic output produced.

Which of the following is characteristic of a product whose demand is elastic?


1. The price elasticity coefficient is less than 1.


2. Total revenue decreases if price decreases.


3. Buyers are relatively insensitive to price changes.


4. The percentage change in quantity is greater than the percentage change in price.

Apr 26 2018 View more View Less

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