Recall the Application about the British experience with private water companies in the nineteenth century to answer the following question(s).Recall the Application. The British experience with water privatization showed that:
A. a single firm providing water will be profitable, but two firms will not.
B. two or more firms providing water will be profitable, but a single firm will not.
C. it does not matter how many firms provide water, as none will be profitable.
D. it does not matter how many firms provide water, as all will be profitable.
Answer: A
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A tax imposed by the U.S. government on imported Chinese frozen shrimp would be an example of
A. a voluntary restriction. B. a quota. C. a tariff. D. a regulatory trade restriction.
Total product is maximized where
A) average product is maximized. B) marginal product is maximized. C) average product is equal to 0. D) marginal product is equal to 0.
____________: Most probable selling price, assuming "normal" sale conditions. Value for the "typical" market participant may not be fundamental value.
Fill in the blank(s) with the appropriate word(s).
If the domestic producers of a good benefit from free trade, it suggests that the country:
A. is a net importer of that good. B. does not have a comparative advantage in that good. C. does not have an absolute advantage in that good. D. is a net exporter of that good.