When a single firm can supply a product to an entire market at a lower cost than could two or more firms, the industry is called a
a. resource industry.
b. exclusive industry.
c. government monopoly.
d. natural monopoly.
d
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A firm is currently selling its output for $10 per unit and is producing where marginal revenue equals marginal cost at an output level of 100 units
If the firm's total variable costs are $900 and its fixed costs are $300 should it produce in the short run or shut down?
Briefly describe the factors that contributed to the U.S. Current Account deficits of the 1990s
What will be an ideal response?
At low levels of employment, the Keynesian aggregate supply curve:
a. tilts downward to the right. b. tilts upward to the right. c. is vertical. d. shows a constant price level. e. shows a rising price level.
Suppose that ABC Beer Brewer faces a linear demand curve and that the current price for its beer is set at a point where the price elasticity is 0.6. If ABC Beer Brewer increases the product price, then the total revenue will:
A. increase if at the new price, the elasticity is still lower than 1. B. increase regardless of the size of the price increase. C. decrease regardless of the size of the price increase. D. increase if at the new price, the elasticity is greater than 1.