Which of the following would most likely serve as an example of a monopoly（）
A. a restaurant in a large city
B. a dry cleaners in a large city
C. a local gas station
D. a local electrical company
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“Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises.” This relationship between price and quantity deman
A. equilibrium
B. the law of demand
C. the relationship between supply and demand
D. the definition of an inferior good
Which of the following is an example of a less-than-highly-organized market（）
A. the market for U.S. Treasury bonds
B. the market for corn
C. the market for soybeans
D. the market for ice cream
The two words most often used by economists are（）
A. prices and quantities
B. resources and allocation
C. supply and demand
D. efficiency and equity
In general, elasticity is a measure of（）
A. the extent to which advances in technology are adopted by producers
B. the extent to which a market is competitive
C. how firms’ profits respond to changes in market prices
D. how much buyers and sellers respond to changes in market conditions
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