The International Nickel Company of Canada is often cited as an example of monopoly, but International Nickel eventually lost its monopoly. What event was responsible for this?
A) Competition in the market for nickel increased after Canada signed the North American Free Trade Agreement with the United States and Mexico in 1994.
B) Competition in the market for nickel increased after nickel fields were developed in Russia after World War II.
C) New technology allowed other firms to achieve network externalities after World War II.
D) The Canadian government, which had owned International Nickel, sold the company after World War II. The government no longer blocked entry into the market for nickel.
B
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Answer the following statement true (T) or false (F)
Any combination of two goods that lies beyond the production possibilities frontier
A) is currently impossible to produce. B) is currently possible to produce, but not worth trying. C) represents economic waste. D) represents a more efficient combination of output than anything lying on the frontier.
Suppose sugar is exported from a nation. In the sugar market who does NOT benefit from the exports?
A) domestic consumers B) domestic producers C) workers in the industry D) foreign consumers
If the price of product X rises, then the resulting decline in the amount purchased will:
A. necessarily increase the consumer's total utility from his total purchases. B. increase the marginal utility of the last unit consumed of this good. C. increase the total utility from purchases of this good. D. reduce the marginal utility of the last unit consumed of this good.