1. Tinder, Bumble, OkCupid, and Match.com are examples of popular dating apps. There are not many dating apps to choose from and each company is aware of the pricing and other strategies of the other. This market is best described as

A.

Monopoly.

B.

Oligopoly.

C.

Perfect Competition.

D.

Monopolistic Competition.

2. If the current wage of unskilled workers is $15 per hour, and the government imposes a $10 minimum wage law we would expect the policy to

A.

Create an excess supply of labors at the new minimum wage.

B.

Create a shortage of labor as workers will not work for less money.

C.

Have no effect as the market wage is already higher than the price floor.

D.

Create a negative externality due to the new subsidy.

3. Suppose a nations government determines all goods that should be produced for their people, this nation is likely operating which system?

A.

A centralized command and control system.

B.

A price system.

C.

A mixed market system.

D.

A Friedman free market system.

4. Fender and Gibson are competing guitar companies and have decided to agree to fix the price of theirhigh-end models to $7500 a guitar. Later, Gibson decides to lower the price of their high-end model to$6500 to make a short-run gain. This behavior is best described as a(n)

A.

Opportunistic behavior.

B.

A prisoner's dilemma.

C.

Cooperation.

D.

Network.