Becoming a monopoly by controlling a scarce resource is ______.
a. the most common method to gain monopoly status
b. an illegal entry barrier to maintain monopoly status
c. a very rare way to gain monopoly status
d. the most affordable way to gain monopoly status
c. a very rare way to gain monopoly status
You might also like to view...
Provide an example of each type of externality that is different from the ones described above
What will be an ideal response?
According to a survey by the U.S. Bureau of Labor Statistics, which of the following statements about annual U.S. household consumer expenditures is false?
A) The income elasticity of demand for entertainment is positive. B) The income elasticity of demand for owner-occupied housing is positive. C) The income elasticity of demand for rental housing is positive. D) The income elasticity of demand for health care is positive. E) Average family expenditures increase with income.
The savings of individuals or corporations within a country is called:
A. private savings. B. national savings. C. public savings. D. real GDP.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost for the United States is:
A. 1/5 apple for each pair of shoes. B. 5 pairs of shoes for each apple. C. 1 pair of shoes for every 2 apples. D. 5 apples for each pair of shoes.