To have a monopoly in an industry there must be
A) a public franchise, making the monopoly the exclusive legal provider of a good or service.
B) an inelastic demand for the industry's product.
C) barriers to entry so high that no other firms can enter the industry.
D) a patent or copyright giving the firm exclusive rights to sell a product for 20 years.
C
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There are no justifications for tax rates above the revenue-maximizing point
a. True b. False
Many economists would argue that some frictional unemployment
A) creates massive economic disruptions and should be eliminated as quickly as feasible. B) should be eliminated whatever the cost. C) no longer exists because increased unemployment benefits have generally solved this problem. D) cannot and probably should not be eliminated.
Refer to the above figure. The marginal benefit of pollution abatement is curve
A) (1). B) (2). C) (3). D) (4).
SUMMARY OUTPUTRegression StatisticsMultiple R0.971R-SquareAAdjusted R-SquareBStandard Error30.462Observations51 ANOVA dfSSMSFSignificance FRegressionC747851.57373925.79402.989.89E-31Residual48D927.91 Total50792391.11 CoefficientsStandard Errort StatP-ValueLower 95%Upper 95%InterceptE62.1326.791.60E-301539.661789.51Price of Roses-6.68F-1.411.64E-01-16.162.81Disposable Income (M)9.730.34G1.23E-319.0410.42Use the regression output to compute the R-square and adjusted R-square (points A and B, respectively).
A. 0.944 and ?0.428 B. 0.06 and 0.02 C. 0.056 and 0.017 D. 0.944 and 0.942