A natural monopolist can produce total industry output more efficiently than several smaller but competitive firms.
Answer the following statement true (T) or false (F)
True
A natural monopoly is a desirable market structure because it generates pervasive economies of scale. Because of these scale economies, a natural monopoly can produce consumer products more efficiently than if more than one firm existed.
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Members of the European Union decided to adopt a single currency by what year?
A) 2008 B) 2005 C) 1999 D) 1992
If we use a narrow definition of monopoly, then a monopoly is defined as a firm
A) that has the largest market share in an industry. B) that can ignore the actions of all other firms because it produces a superior product compared to its rivals' products. C) that can ignore the actions of all other firms because it produces a product for which there are no close substitutes. D) that has been granted special production rights by the government.
The basic forces driving the "invisible hand" are
a. government and business. b. information and computer technology. c. competition and self-interest. d. cooperation and altruism.
A decrease in the money supply might indicate that the Fed had
a. purchased bonds in an attempt to increase the federal funds rate. b. purchased bonds in an attempt to reduce the federal funds rate. c. sold bonds in an attempt to increase the federal funds rate. d. sold bonds in an attempt to reduce the federal funds rate.