The role of the market for renewable resources is to determine a price at which the quantity of a resource is just sufficient to enable the resource to renew itself at a rate that best satisfies society's wants
a. True
b. False
Indicate whether the statement is true or false
True
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With a natural monopoly, the normal profit price is ________ and the competitive price is ________.
A. not allocatively efficient; allocatively efficient B. allocatively efficient; allocatively efficient C. not allocatively efficient; not allocatively efficient D. allocatively efficient; not allocatively efficient
Which of the following is the best example of a natural monopoly?
A) ownership of the only ferry across Puget Sound for twenty miles B) the United States Postal Service C) the cable television company in your hometown D) owning the only licensed taxicab in town E) producing a patented drug
Explain what is meant by excess demand or s shortage
What will be an ideal response?
Entry of new firms will occur in a monopolistically competitive industry until
a. marginal cost equals zero b. marginal revenue equals zero c. marginal revenue equals marginal cost d. economic profit equals zero e. economic profit is negative