An unregulated natural monopoly can lead to all of the following except
A. Unfair monopoly profits.
B. A suboptimal mix of output.
C. Low prices for consumers.
D. Less output than society wants.
Answer: C
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To maximize its profit, a monopoly should choose a price where demand is:
A. elastic. B. inelastic. C. unitary elastic. D. vertical.
According to the text, population growth in many poor countries does NOT generally result in increased labor resources because
A. many people do not join the labor force. B. many people work two jobs. C. most people are not productive in their work. D. most jobs are for middle-age workers.
In an English auction, the winner pays a price equal to ________
A) the value of the highest bid B) the value of the lowest bid C) his value for the good D) the value of the second-highest bid