A market that will naturally end up with just one seller is a(n)
a. evolutionary monopoly.
b. natural monopoly.
c. competitive monopoly.
d. entry barrier monopoly.
B
You might also like to view...
Answer the following statement(s) true (T) or false (F)
1. The major reason education leads to higher wages is due to signaling. 2. Attending college can be seen as an individual’s attempt to raise their level of human capital. 3. Since mowing ones lawn is not done at their workplace, it is viewed as a use of their leisure time and thus (somewhat paradoxically) falls into the category of leisure. 4. One deficiency of labor-leisure indifference curve analysis is that because indifference curves are always tangent to the worker’s budget line, the model can not explain why some people choose not to work. 5. A firm’s marginal revenue product of labor equals the marginal product of labor times the cost per unit of the labor.
Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method, where if a town gets ranked #1, it gets 3 points, a town ranked #2 gets 2 points,
a town ranked #3 gets 1 point, and a town ranked #4 gets no points. With this method, the town that gets the least number of points is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
The longer the time that has elapsed since the price of a good changed, the
A) more elastic the demand for that good. B) steeper the demand curve. C) less elastic the demand for that good. D) smaller the amount of that good bought. E) fewer substitutes available for the good.
Given the budget line in the above figure, which of the following combinations of pizza and milk are affordable?
A) 0 pizzas, 12 gallons of milk B) 2 pizzas, 2 gallons of milk C) 4 pizzas, 4 gallons of milk D) All of the above combinations are affordable.