Platform businesses tend to be:
A. artificial monopolies.
B. natural monopolies.
C. natural oligopolies.
D. artificial oligopolies.
Answer: B
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Many mining and mineral extraction processes tend to exhibit increasing returns to scale
Suppose copper mines have increasing returns, and the existing copper mines reduce their capital and labor inputs by 25 percent in response to a global recession. What is the expected impact on copper output? A) Output increases by less than 25 percent B) Output decreases by less than 25 percent C) Output decreases by exactly 25 percent D) Output decreases by more than 25 percent
Minimum wage laws help explain the natural rate of unemployment if they create a surplus in any labor market
a. True b. False Indicate whether the statement is true or false
Under monopolistic competition, entry to the industry is
A. blocked. B. completely free of barriers. C. more difficult than under pure competition but not nearly as difficult as under pure monopoly. D. more difficult than under pure monopoly.
You are the manager of a monopoly firm with (inverse) demand given by P = 50 ? 0.5Q. Your firm's cost function is C = 40 + 5Q2. Your firm's marginal revenue is:
A. P = 50 ? 0.5Q. B. P = 50 ? Q. C. P = 100 ? Q. D. There is insufficient information to determine the firm's marginal revenue.