A natural monopoly is a market where
a. a single firm has control over a vital natural resource.
b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm.
c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms.
d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.
C
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Which of the following would cause the demand for labor to change?
a. c and e. b. A change in the cost of living. c. Changes in the wage rate. d. Movements along the labor demand curve. e. A change in the price of the good produced.
The total revenue curve of a monopolist is:
a. U-shaped. b. inverted U-shaped. c. upward sloping. d. downward sloping.
If inventories decline by more than analysts predict they will decline, this implies that
What will be an ideal response?
A statement that is often used to describe demand-pull inflation is:
A. "Money is easily earned, but not easily saved." B. "Too much money chasing too few goods." C. "It's important to have some skin in the game." D. "A rising tide lifts all boats."