De Beers has a monopoly in the market for diamonds because they own a significant portion of the known diamond mines. One important source of challenge to De Beers' control of the diamond market is
a. the additional market supply from Russia, Australia, and Canada
b. the emerging auction markets for diamonds in France and Spain
c. the growing demand for diamonds in industrial uses
d. that its South African mines are not producing as many diamonds as they did decades ago
e. antitrust legislation in the United States
A
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Peter Piper picks a peck of pickled peppers using 10 units of labor and two pepper-picking machines. The last worker hired picked 100 peppers, and the last machine added 1,000 peppers. If labor can be hired at $5 a pepper picker and machines cost $5,000, what advice do you have for Peter Piper?
What will be an ideal response?
Objects that have value because the holder can exchange them for something else of value:
a. fiat money b. commodity money c. currency d. representative money
Refer to the following game.Player 1Player 2??t1t2t3?S14,103,01,3?S20,02,1010,3Which of the following strategies constitutes a Nash equilibrium?
A. S2, t2 B. S1, t2 C. S1, t1 D. S2, t3
If ______ equilibrium output _______, the price level rises.
a) actual; is below potential GDP b) potential; is equal to actual GDP c) potential; exceeds actual GDP d) actual; exceeds potential GDP