Natural monopolies are the natural result of:
A. geographical happenstance.
B. government regulations intended to encourage competition.
C. competition in markets where economies of scale exist over the relevant range of output.
D. fierce competition from firms in a market.
Answer: C
Economics
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Suppose that Year 2 is the base year. Year 1 real GDP is
A) $200. B) $270. C) $310. D) $390.
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Figure 3-16
Refer to . When the price is P1, producer surplus is
a.
A.
b.
C.
c.
A + B.
d.
C + D.
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Describe China's reform path, including the forces that started China's reform efforts and how they continued through the 1980s and early 1990s
What will be an ideal response?
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Which of the following short-run outcomes for monopolistic competition is NOT possible?
A) P = MR = MC. B) P > MC > ATC. C) P = ATC. D) P > ATC.
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