To be a natural monopoly, a firm must
a. control an essential natural resource input.
b. be very large.
c. have a continuously falling average cost curve as output rises.
d. have falling average costs over a substantial range of total market demand.
D
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The downward slope of the production possibilities curve demonstrates:
a. the law of increasing opportunity cost. b. the law of comparative advantage. c. the law of diminishing marginal utility. d. the law of absolute advantage.
Under a gold standard, if the market price of gold is above the official price of gold (set by the monetary authority) members of the public would likely buy gold _______________ and sell it __________________, causing the market price of gold to ____________________
A) from the monetary authority; in the gold market; fall B) from the monetary authority; in the gold market; rise C) in the gold market; to the monetary authority; fall D) in the gold market; to the monetary authority; rise
In a true cluster sample, the individuals are first drawn from the clusters.?
Answer the following statement true (T) or false (F)
Progressive taxes are designed to make higher earners pay ______.
a. a lower percentage but more total taxes than others b. a higher percentage and more total taxes than others c. a higher percentage but less total taxes than others d. the same percentage but more total taxes than others