Shortly after the turn of the century, U.S. Steel owned most of the iron ore reserves in the country. This is an example of
A. a barrier to entry from owning an important resource.
B. monopoly due to government restrictions.
C. a barrier to entry from scale economies.
D. monopoly due to governmental entry restrictions.
Answer: A
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The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource. The efficient outcome is ________
A) 0 tons per week B) 300 tons per week C) 400 tons per week D) None of the above answers is correct.
Price wars occur more often in monopolistic competition than in other market structures
a. True b. False
Imagine a country that is immense in size, has extensive resources, and is positioned in a geostrategic location of great importance. At some point in the future, it may very well be asked to join which group of countries?
Suppose that the United States allowed its domestic fuel producers to use ethanol made from any source (corn or sugar). What is likely to happen to U.S. production of corn ethanol and U.S. imports of sugar ethanol?
a. U.S. production of corn ethanol would increase, and U.S. imports of sugar ethanol would decrease. b. U.S. production of corn ethanol would decrease, and U.S. imports of sugar ethanol would decrease. c. U.S. production of corn ethanol would decrease, and U.S. imports of sugar ethanol would increase. d. U.S. production of corn ethanol would increase, and U.S. imports of sugar ethanol would increase.