The natural resources used in production are made available in the
A) goods and services market.
B) product market.
C) government market.
D) factor market.
Answer: D
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A monopoly that price discriminates ______
A. benefits buyers because it offers the good at a variety of prices B. gains because it converts consumer surplus to economic profit C. uses resources more efficiently than would a competitive market D. enables buyers to maximize their consumer surplus
Which of the following is true about government activity in the United States?
a. Macroeconomic policy is handled mainly at the state level. b. Higher education is handled mainly at the national level. c. Primary and secondary education is handled mainly at the local level. d. Primary and secondary education is handled mainly at the national level. e. Police and fire protection are handled mainly at the state level.
Figure 11-6
The industry described in Figure 11-6
A. is not a natural monopoly because no firm would produce in the long run unless the government intervened in the market. B. is not a natural monopoly because the average total cost curve is U shaped. C. is a natural monopoly because the economic profit is positive for a monopolist if the government doesn’t intervene. D. is a natural monopoly because price is less than average total cost at the output that would be produced by the industry under perfect competition.
Reasoning resulting in differing results includes the time period under examination, the data sources and proxies used, the econometric tools employed, and many other reasons. This is not to say that because different researchers come to different conclusions the analysis is confused. It just means further investigation is needed.
What will be an ideal response?