Answer the following statements true (T) or false (F)
1. A major characteristic of a monopoly is the ability of the monopolist to influence price.
2. A monopolist must produce a good for which there are no close substitutes.
3. U.S. patents grant a lifetime monopoly on an invention.
4. Public utilities are often called natural monopolies.
5. No U.S. firm has ever obtained sufficient control over raw materials to develop a monopoly or near monopoly on that basis.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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A) 3/8 of a bolt of cotton B) 5/8 of a bolt of cotton C) 2 2/3 bolts of cotton D) 320 bolts of cotton
When a commercial bank borrows from the Federal Reserve,
A) Treasury liabilities rise. B) Treasury assets rise. C) Federal Reserve assets rise. D) bank reserves fall.
The employer is responsible for managing funds in an employee's defined contribution pension plan
Indicate whether the statement is true or false
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A) risk. B) variability. C) uncertainty. D) central tendency.