Even if a market is not competitive, the firms in the market may behave competitively if
A. The market is regulated.
B. There are economies of scale.
C. Potential competition exists.
D. A natural monopoly exists.
Answer: C
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A monopoly can arise when
A) there are diseconomies of scale. B) there are barriers to entry and no close substitutes for the good being produced. C) a firm cannot price discriminate. D) firms engage in rent seeking. E) a firm must set MR equal to MC in order to maximize its profit.
Which of the following is NOT a property of isoquants?
A) They do not cross. B) The closer they are to the origin, the higher the level of output. C) They have a downward slope. D) They are "thin."
The net export function is negatively sloped because exports are inversely related to domestic income
a. True b. False Indicate whether the statement is true or false
A key characteristic of a renewable natural resource is that it will continue to regenerate itself, regardless of how it is managed or used, and so can be used periodically for an indefinite period of time
Indicate whether the statement is true or false