A monopoly which arises from significant economies of scale is referred to as a
A) monopolistic competitor.
B) strategic resource monopoly.
C) natural monopoly.
D) patent monopoly.
Answer: C
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A depository institution receives deposits from lenders and makes loans to borrowers
Indicate whether the statement is true or false
Costing more than the average person's yearly income, the Atlantic passage in the early seventeenth century was roughly
a. £1 b. £10 c. £100 d. £1,000
A standardized good or service is one:
A. for which any two units of it have the same features and are interchangeable. B. for which any two units of it have similar features that could be considered close substitutes. C. for which any two units of it have different, unique features. D. that has very distinguishable characteristics, with each unit being economically unique.
An oligopoly is a market structure in which a few large firms dominate the sale of a single product.
Answer the following statement true (T) or false (F)