A public utility, such as a water company, is an example of a
a. technological monopoly
b. geographic monopoly
c. natural monopoly
d. government monopoly
Ans: c. natural monopoly
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If you overhear a group of people talking about their plans to save for their retirement and one of them says that it causes them to save less because, as they reason it, "the government is saving for me," you would attribute this to the
A. asset substitution effect. B. induced retirement effect. C. slovenly effect. D. bequest effect.
The decrease in consumer spending that occurred after the collapse of the housing bubble caused aggregate:
A. demand to increase. B. demand to decrease. C. supply to increase. D. supply to decrease.
Which of the following is likely in a monopolized market?
a. a price that exceeds marginal cost b. a price that exceeds marginal revenue c. a welfare loss due to the restriction of output d. all of the above
Summarize the assumptions that underlie Reverend Thomas Malthus’s model and contrast what Malthus expected to happen with what has actually occurred since the nineteenth century.
What will be an ideal response?