A market in which a single firm can produce, at a lower cost than multiple firms, the entire quantity of output demanded is called:
A. diseconomies of scale.
B. government intervention.
C. a natural monopoly.
D. price gouging.
C. a natural monopoly.
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How would a decrease in price of Blu-Ray movies affect the demand for Blu-Ray players?
A. Decrease the demand B. Increase the demand C. Increase in supply D. Increase in quantity demanded
Until the mid-20th century, nearly all economic growth took place in
A. Canada and the United States. B. Australia and New Zealand. C. Japan. D. Hong Kong, Taiwan, South Korea, and Singapore.
A reduction in the marginal tax-rate includes a substitution effect that tends to increase saving.
a. True
b. False
Indicate whether the statement is true or false
Consider Figure 12.5. If both players confess, then:
A. both players spend 4 years in jail. B. both players spend 1 year in jail. C. player A spends 0 years in jail, and player B spends 8 years in jail. D. player A spends 8 years in jail, and player B spends 0 years in jail.