When government owns a natural monopoly and avoids subsidies, it:
A. still creates deadweight loss.
B. sets price above marginal cost.
C. recognizes setting price equal to marginal cost would cause the enterprise to incur losses.
D. All of these statements are true.
D. All of these statements are true.
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Gross domestic product is the market value of all final goods and services produced in the economy of a given territory during a defined period of time
a. True b. False Indicate whether the statement is true or false
An increase in the price of milk would be shown by a:
A. rightward shift of the supply curve for milk. B. movement up and to the right along the supply curve for milk. C. leftward shift of the supply curve for milk. D. movement down and to the left along the supply curve for milk.
Which of the following is included in gross domestic product for an economy in a given year?
A) the value of intermediate goods produced in that year B) the value of used goods sold in that year C) the value of final goods produced in that year D) All of the above would be included in gross domestic product for an economy in a given year.
In the oligopoly market structure, the behavior of any given firm ________ the behavior of the other firms in the industry.
A. must be different from B. is independent of C. depends on D. must be the same as