A natural monopoly has economies of scale for most if not all of its range of output
a. True
b. False
Indicate whether the statement is true or false
True
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The table above gives the demand schedule for snow peas. If the price of snow peas falls from $4.00 to $3.00 a bushel, total revenue will
A) increase because demand is elastic in this range. B) decrease because demand is elastic in this range. C) increase because demand is inelastic in this range. D) decrease because demand is inelastic in this range.
In monopolistic competition, firms sell a differentiated product. In perfect competition, firms sell an identical product. How do these markets differ as a result?
What will be an ideal response?
An example of odious debt would be debts on the part of a nation that were incurred by a dictator for the well being of his family
Indicate whether the statement is true or false
The ability to produce a good at a lower opportunity cost than others is known as
A) comparative advantage. B) absolute advantage. C) specialization. D) marginal cost production.