Which of the following firms best fits the definition of a monopoly?
A. General Motors
B. Exxon Mobil
C. Local electric utility
D. AT&T
Answer: C
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If an average cost pricing rule is imposed on the natural monopoly in the figure above, then the deadweight loss will be
A) $0. B) $1 million. C) $9 million. D) $16 million.
In a market system, the what, how and for whom questions in economics are determined by
A) those who are not in the market. B) buyers and sellers together. C) the central authority. D) no one.
The field of behavioral economics applies the methods of economics to study how government works
a. True b. False Indicate whether the statement is true or false
In the basket of goods that is used to compute the consumer price index, which of the following categories of consumer spending is the largest?
a. education & communication b. food & beverages c. medical care d. recreation