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
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.
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.