If economies of scale in an industry are so extensive that a single firm could serve the entire market at a lower cost than if the market was split between two or more firms, this industry is called a(n):
A. Conglomerate
B. Natural monopoly
C. Oligopoly
D. Restraint of trade
B. Natural monopoly
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If the demand for a product is said to be relatively inelastic, the "absolute" value of the elasticity coefficient will be
A) less than one. B) greater than one. C) equal to one. D) zero.
Daryn is raking leaves to earn money for his university's economics club. In the first hour, he rakes 8 bags of leaves. In the second hour, he rakes 6 bags of leaves. If he earns $8 per hour, the value of the marginal product of the second hour of labor is $16
a. True b. False Indicate whether the statement is true or false
When firms advertise their products, they are attempting to:
A. shift the supply curve of the product to the right. B. shift the supply curve of the product to the left. C. shift the demand for the product to the right. D. shift the demand for the product to the left.
If a $10,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity is
A) 5 percent. B) 10 percent. C) 50 percent. D) 100 percent.