The railroad industry in the United States is used as an example of ______.
a. the deadweight loss caused by perfect competition
b. government ownership of monopolies
c. how monopolies can fail to innovate
d. how monopolies are innovators
c. how monopolies can fail to innovate
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Of the following market structures, which is the least competitive?
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
How does a real wage above the equilibrium wage cause unemployment?
What will be an ideal response?
When those on the informed side of a market self-select, the problem of __________ occurs
a. natural selection b. external benefits c. adverse selection d. the winner's curse e. the common pool
Which of the following is correct?
A. SMC = PMC - MD B. MPB = MSB + MEB C. SMC = PMC + MD D. MSC = MPB E. MSB = MSC + MPB