Because of the monopoly power that comes with being the only firm to produce a product, it is always more efficient to have multiple firms in an industry.
Answer the following statement true (T) or false (F)
False
Rationale: In the presence of high recurring fixed costs that result in downward sloping AC curves in the relevant range of output (relative to demand), it is in fact inefficient to have multiple firms producing because of the duplication of the recurring fixed costs.
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Refer to Table 5.3. Rank the doctor's job options in expected income order, highest first
A) Work for HMO, open own practice, do research. B) Work for HMO, do research, open own practice. C) Do research, open own practice, work for HMO. D) Do research, work for HMO, open own practice. E) Open own practice, work for HMO, do research.
The Forstall System was the antebellum banking regulation in:
a. New England. b. The old Northwest (Ohio, Indiana, Illinois, and neighboring states). c. New York State. d. Louisiana.
What percentage of millionaires in the United States are self-made?
a. about 20 percent b. about 40 percent c. about 60 percent d. about 80 percent
Which of the following does purchasing-power parity imply?
a. The purchasing power of the dollar is the same in the U.S. as in foreign countries. b. The price of domestic goods relative to foreign goods cannot change. c. The nominal exchange rate is the ratio of U.S. prices to foreign prices. d. All of the above are correct.