In the United States, natural monopolies
A. are easily converted to competitive industries.
B. are common in retailing.
C. are commonly regulated by governments.
D. are rarely regulated by governments.
C. are commonly regulated by governments.
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All else equal, when a monopolist increases its price, revenue will fall because of the lost sales
a. True b. False
When comparing the slopes of the aggregate-demand and aggregate-supply curves to the slopes of demand and supply curves for specific goods and services, the explanations are
a) the same for all the curves. b) quite different for the aggregate curves from the specific market curves. c) the same for the demand curves but not the supply curves. d) the same for the supply curves but not the demand curves.
When total revenue minus total cost is equal to zero, the firm is:
A. earning above-average economic profit. B. earning a normal profit. C. losing too much money to stay in business. D. earning abnormally low profits.
Which of the following pieces of legislation is NOT aimed at curbing the negative effects of asymmetric information?
A. Securities and Exchange Act B. Lanham Act C. Robinson-Patman Act D. Truth in Lending Simplification Act