Which of the following is not a source of monopoly power?
A. Patents
B. Rapid low cost technological change in the industry
C. Exclusive control over inputs
D. Economies of scale
Answer: B
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Which of the following policies would be expected to increase private saving?
A. Reducing the tax rate on capital gains and dividends. B. Increasing the income tax. C. Increasing job security. D. Providing more generous Social Security retirement benefits.
If the price elasticity of demand is 1.8 then a 30 percent decrease in the price of the good will lead to a _______ percent increase in the quantity demanded.
A. 0.60 B. 0.55 C. 54.00 D. 16.67
In the mid-1980s, the salaries of accounting professors with Ph.D.s increased dramatically. This resulted in an increase in enrollments in Ph.D. accounting programs. Since a Ph.D. degree in accounting may take at least four years to complete, the short-run elasticity of supply of accounting professors is
A) greater than the long-run-elasticity of supply. B) less than the long-run elasticity of supply. C) equal to the long-run elasticity of supply. D) equal to the short-run elasticity of demand.
The importance of the bank-lending channel of monetary policy transmission:
A. has become more important as technology has solved the problems of information and moral hazard. B. becomes more important the more important banks are as a source of funds for firms and individuals. C. is likely to become more important with the growth of loan brokers and asset-backed securities. D. none of the answers given is correct.