A company town in the lumber or mining industry is an example of a
A. bilateral monopoly.
B. buyer's monopoly.
C. monopoly.
D. monopsony.
Answer: D
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Air quality in most U.S. cities has ____ since World War II.
A. worsened B. improved C. remained unchanged D. improved slightly before a recent deterioration
All of the following are reasons a government might choose to protect monopoly rights in an industry except:
A. because it is in the public's interest to do so. B. to benefit insiders. C. to encourage innovation. D. to increase consumer surplus beyond what is achieved through competition.
For which of the following goods is the marginal benefit of search likely to be greatest?
a. a toaster b. an apple c. a radio d. a tube of toothpaste e. a color TV
In thinking about the criteria for an ideal voting system, unanimity means if:
A. the median in the group prefers option X to option Y, then X beats Y. B. the majority of the group prefers option X to option Y, then X beats Y. C. everyone in the group prefers option X to option Y, then X beats Y. D. no one in the group prefers option X to option Y, then it must still be possible for X to beat Y.