A natural monopoly arises when
A) one firm controls the supply of a unique resource.
B) a firm has many small firms that it can control.
C) there are firms which act together as a monopoly.
D) the long-run average cost curve slopes downward as it crosses the demand curve.
E) one firm naturally convinces the government to limit competition in the market.
D
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A warranty is an example of ________
A) sniping B) signaling C) a price floor D) a price ceiling
If your tuition is $20,000 this semester, your books cost $2,000, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $8,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is
A. $22,000. B. $22,150. C. $28,750. D. $36,750.
Bartering is:
A. very efficient compared to using money. B. slightly inefficient compared to using money. C. just as efficient as using money. D. extremely inefficient compared to using money.
Although economists generally favor a negative income tax, there is little political support for it
a. True b. False Indicate whether the statement is true or false