The U.S. government
A. intervenes to prevent the monopolization of any market.
B. forbids the creation of legal impediments to entry into any market.
C. intervenes to prevent the monopolization of some markets and actively encourages the monopolization of others.
D. encourages the permanent monopolization of all markets in which the monopolist has technical superiority over potential competitors.
Answer: C
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Market activity differs from government activity because
a. markets generally force prices to below-cost levels b. governments never charge for the services they provide c. markets do not use voluntary exchange mechanisms d. markets provide a direct link between benefits and costs e. governments have strong incentives to keep costs under strict control
A customs union is an organization of nations whose members:
a. have impenetrable trade barriers among themselves but impose no trade barriers on nonmembers. b. have no trade barriers among themselves but impose common trade barriers on nonmembers. c. have no trade barriers among themselves but each member country chooses its own trade policies toward nonmember countries. d. retaliate each other by raising reciprocal tariffs. e. neither have trade barriers among themselves nor impose any restriction on the nonmember countries.
What do we know about total utility when marginal utility is zero?
What will be an ideal response?
Refer to the above table. At an output of 3 units, average variable costs are
A. $14. B. $42. C. $30. D. $44.