To be a natural monopoly a firm must
A) have significant network externalities.
B) control a key resource input.
C) have economies of scale that are so large that it can supply the entire market at a lower cost than two or more firms.
D) be in a government-regulated market.
C
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Refer to Figure 16.1. An increase in expected output in the future is best represented by a movement from
A) point A to point B. B) point B to point A. C) point A to point C. D) point C to point A.
More businesses in the United States are organized as partnerships than as proprietorships
Indicate whether the statement is true or false
The market economy is regarded as "efficient" in that:
A. It achieves the lowest rate of unemployment B. It leads to the lowest level of poverty in the society C. It directs resources towards products that the society wants most D. It puts the best people in government positions
Purchasing a smart phone data plan, premium movie channels, and University of Alabama football season tickets results in you having to drop your health insurance plan. This can be described as:
A. home field advantage B. healthy living C. irrational decision making D. a trade-off