Which of the following is correct about natural monopoly?
a. Natural monopoly exists when a firm has an upward-sloping long-run average cost curve.
b. A natural monopoly arises if a particular firm is able to sell each unit of its output at a different price.
c. A natural monopoly arises when a single firm has a cost advantage over smaller potential entrants.
d. A natural monopoly is created by government patents, licenses, and legal barriers to entry.
c
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Economic efficiency occurs when the firm produces a given output
A) by using the least amount of inputs. B) by using the maximum amount of inputs. C) at the least cost. D) at the greatest cost.
List and describe four fields of economics
What will be an ideal response?
The World Bank was created as a result of the Bretton Woods conference and was originally focused on the reconstruction of Europe after World War II
Indicate whether the statement is true or false
You are the manager of a spa you believe one of your suppliers is engaged in cartel activity. As the manager, you ________ an incentive to report the behavior because your spa can ________.
A) do not have; receive treble damages B) have; have to pay whistle -blower fees C) have; receive treble damages D) do not have; have to pay whistle-blower fees