A market in which a firm emerges as a monopoly due to large economies of scale is referred to as:
A) a natural monopoly.
B) a regulated monopoly.
C) a legal monopoly.
D) an exclusive monopoly.
A
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A Groves mechanism is a procedure for setting the level of a public good that:
A. induces everyone to report their preferences correctly. B. induces everyone to overstate the benefit they receive from a public good. C. induces everyone to understate the benefit they receive from a public good. D. only works if the public good in question is free of externalities.
The marginal tax rate from the food stamp program is _____
a. zero b. 10 percent c. 20 percent d. 30 percent
Which statement below does not describe a demand curve that is unit elastic?
a. The percentage change in quantity demanded equals the percentage change in price. b. An increase in price will not change total revenue. c. The price elasticity of demand equals one. d. A change in price will not change quantity demanded. e. A decrease in price will not change total revenue.
Answer the following statement(s) true (T) or false (F)
1. Pesticide reregistration refers to a reevaluation of a previously licensed pesticide that is already on the market. 2. The primary goal of the Pesticide Environmental Stewardship Program (PESP) is to regulate pesticide use. 3. FIFRA rulings require that no pesticide be sold or distributed unless it has been registered with the EPA. 4. The incremental benefits of pesticide use can be modeled as the change in consumer and producer surplus associated with an increase in the demand for an agricultural crop. 5. The first TSCA inventory was published in the 1970s.