Natural monopolies differ from other forms of monopoly because they are
a. not subject to barriers to entry.
b. not regulated by government.
c. unable to sustain long-run profits.
d. are generally not worried about competition eroding their monopoly position in the market.
d
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Refer to the figure above. If Lithasia does not engage in international trade, what is the domestic production of pens?
A) 0 units B) 6 units C) 12 units D) 16 units
Both a competitive industry and a monopoly
A. Face downward-sloping market demand curves. B. Maximize profit per unit where P = MC. C. Produce products that have many identical substitutes. D. Use marginal cost pricing.
One of the most basic models of the economy is:
A. the current population survey. B. real GDP per capita. C. consumer expenditure. D. the circular flow model.
Refer to the table. An interest rate of 2 percent is not sustainable because:
A. the demand for bonds in the bond market will fall and the interest rate will fall.
B. the demand for bonds in the bond market will rise and the interest rate will fall.
C. the supply of bonds in the bond market will decline and the interest rate will rise.
D. the supply of bonds in the bond market will rise and the interest rate will rise.