Which of the following could explain why a firm that is not a monopoly becomes one?
a. patent
b. increasing ease of access to resources
c. mutual interdependence
d. the number of substitute goods falls from many to few
e. a perfectly horizontal firm demand curve
A
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
In 2011, U.S. GDP was
A) $15 trillion using the expenditure approach. B) $15 trillion using the income approach. C) $15 trillion using the expenditure approach and $14 trillion using the income approach. D) $16 trillion using the income approach and $14 trillion using the expenditure approach. E) both A and B are correct.
Suppose a country has a current account surplus and that there is no intervention by finance ministries or central banks. This current account surplus indicates that the country has
A) a deficit in its capital account. B) a surplus in its capital account. C) the official reserve transactions balance is positive. D) the official reserve transactions balance is negative.
When the government increases taxes to provide traditional public goods, such as national security, there tends to be
a. widespread benefits and costs b. widespread costs and concentrated benefits c. concentrated benefits and costs d. widespread benefits and concentrated costs e. widespread costs and either widespread or concentrated benefits