One barrier to entry into a monopoly market is:
A. bulk buying.
B. commonplace inputs.
C. price gouging.
D. a natural monopoly.
Answer: D
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If product prices decrease more than nominal wages decrease, the real value of wages will increase
Indicate whether the statement is true or false
Rent seeking
A) is the act of obtaining special treatment by the government to create economic profit. B) is the attempt to get rent from tardy renters. C) occurs when landlords advertise for apartments and other property for rent. D) is an attempt to sell a property and capture economic profit. E) occurs when a firm charges different prices for different units of its good or service.
Refer to the table above. This is an example of a ________ tax system
A) progressive B) regressive C) proportional D) cardinal
The loss of the profit motive by a publicly owned natural monopoly could:
A. increase the motivation to improve efficiency. B. reduce the motivation to improve efficiency. C. increase the incentive to provide better service. D. increase the incentive to lower costs.