What is the defining characteristic of a natural monopoly? Give an example of a natural monopoly
The defining characteristic of a natural monopoly is when a firm can supply a good or service to an entire market at a lower cost than could two or more firms. The example in the text is a bridge.
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Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview b. leaving a big tip for the waiter after a dinner date c. offering an expensive engagement ring to your bride d. Doing messy chores before a big date
The advantage of the consumer price index, calculated by the Bureau of Labor Statistics, over the GDP deflator, calculated by the Bureau of Economic Analysis, is that the CPI
What will be an ideal response?
The labor force participation rate is the percentage of the labor force that is actually participating or employed.
Answer the following statement true (T) or false (F)
Marginal cost can be defined as the:
A. Change in total fixed cost resulting from one more unit of production B. Change in total cost resulting from one more unit of production C. Change in average total cost resulting from one more unit of production D. Change in average variable cost resulting from one more unit of production