Which of the following is an example of natural monopoly?
A. a market for cable TV services
B. a market for breakfast cereals
C. a market for cold medicines
D. a market for cigarettes
Answer: A
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Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. Most chocolate companies use already processed chocolate to craft their sweets
But Rogue buys raw cocoa beans, and roasts and grinds them until they're in a liquid state and then runs the chocolate through a big squat machine with rollers. Which statement is TRUE for Rogue? A) Raw cocoa beans are a variable factor of production and the machine is a fixed factor of production. B) Both processed chocolate and raw cocoa beans are variable factors of production. C) Processed chocolate is a variable factor of production and the machine is a fixed factor of production. D) Processed chocolate and raw cocoa beans are variable factors of production and the machine is a fixed factor of production.
The unemployment rate tells us:
A. what percentage of the labor force wants to work and can't find a job. B. who is currently unemployed. C. why the unemployed can't find work. D. the number of people who really don’t want to work.
If trade between two countries is voluntary, one can expect that
a. one country's gain is necessarily the other's loss. b. one country will exploit the other one. c. neither country really gains from trade. d. the larger country will always gain at the expense of the smaller. e. both countries expect to gain something.
If the Fed decides to buy T-bills, it increases the demand for T-bills. How will this affect the price of T-bills and the interest rate?
a. T-bill prices fall and interest rates fall. b. T-bill prices rise and interest rates rise. c. T-bill prices rise and interest rates fall. d. T-bill prices fall and interest rates rise.