Public utilities are often referred to as
a. supernatural monopolies.
b. oligopolistic monopolies.
c. natural monopolies.
d. competitive monopolies.
c. natural monopolies.
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In the United States, all property is privately owned
a. True b. False Indicate whether the statement is true or false
The classical model uses the assumption that
A. all wages and prices are flexible. B. economic markets are fragile and have no tendency to move towards an equilibrium. C. interest rates are not flexible. D. monopoly is widespread in the economy.
If a company believes the business sector is saturated with competitors, which of the following should it consider?
a. Product differentiation b. A buy-out or acquisition of some of the competition c. Create a price war with the competition d. Relocation of the business
We observe that people buy less beef and more fish when the price of beef relative to fish increases. This indicates that beef and fish are
A. unrelated goods. B. inferior goods. C. substitutes. D. complements.