The U.S. Postal Service's monopoly on first-class mail service is the result of
A) a natural monopoly.
B) a patent.
C) a public franchise.
D) a government license.
E) an ownership barrier to entry.
C
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A move from E to F represents
A. a change in quantity supplied.
B. no change in supply.
C. an increase in supply.
D. a decrease in supply.
What are the sources of government failure?
Consumer surplus is given by the area:
a. above the supply curve but below the price b. below the supply curve c. below the demand curve but above the price d. below the demand curve e. none of the above
Using the concepts of community indifference curves and the production-possibility curve, explain how the international price of a good is determined in the Heckscher-Ohlin two-commodity model. What is the unit of measurement for the price of a good in this model?
What will be an ideal response?