A market structure in which only one firm has survived because of its economies of scale is called a
a. natural monopoly.
b. planned monopoly.
c. structural monopoly.
d. free monopoly.
a
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Economists define "shortage" as
A) quantity demanded exceeds quantity supplied. B) quantity demanded equals quantity supplied. C) quantity supplied exceeds quantity demanded. D) a situation whereby the prevailing price is higher than the market-clearing price.
Which of the following is true of saving and investment?
a. There is no relationship between saving and investment; people can invest without having to save. b. Saving and investment can never be undertaken together by the same person. c. Saving and investment must always be undertaken by the same person. d. If investment is going to be undertaken, someone must save.
Real wealth changes with
A. disposable income. B. consumption. C. the price level. D. GDP.
The minimum efficient scale is
A) the level of output where diminishing returns have not set in yet. B) the plant size that yields the most profit. C) the smallest level of operation where long-run average costs are lowest. D) the smallest output level where the firm finally reaches productive efficiency.