For a firm to be a natural monopoly, it should have
A. a special patent.
B. exclusive access to a copyright.
C. a cost curve that was continuously downward sloping to the right.
D. a monopoly on a natural resource.
E. a product so unique that no other firm could come close to producing it.
C. a cost curve that was continuously downward sloping to the right.
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A game with more than three players is called a community game
Indicate whether the statement is true or false
Which of the following statements about taxation is TRUE?
A) Increasing taxes will always increase tax revenues. B) Static tax analysis recognizes that an increase in taxation could lead to a decrease in tax revenues. C) Dynamic tax analysis assumes that an increase in taxation will leave the tax base unchanged. D) There is a tax rate at which tax revenues are maximized.
The term "business fluctuations" refers to
A) changes in overall business activity, as evidenced by changes in national income, employment, and the price level. B) changes in the general price level from inflation to deflation, or vice versa. C) changes in the full employment level of economic activity. D) changes in the value of the dollar.
Automatic stabilizers lead to: a. a decrease in taxes collected by the government during an economic expansion. b. a decrease in unemployment compensation during a recession
c. Congressional action on changing the tax codes. d. none of the above