Each of the following is a source of monopoly except:
a. Patents.
b. Large economies of scale.
c. Small fixed costs.
d. Government franchise.
C
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Suppose Lisa spends all of her money on books and bagels, and a bagel is an inferior good for her. When the price of coffee increases, the
A) consumption of coffee will fall. B) consumption of coffee will rise. C) consumption of coffee will not change. D) Not enough information.
In a market economy, the people who receive the goods and services produced are those who
A. Are willing and able to pay the market price. B. Have the most political power. C. Need the goods and services the most. D. Want the goods and services the most.
Explain the new guidelines used by the Department of Justice and the Federal Trade Commission for evaluating proposed mergers.
What will be an ideal response?
Which of the following will occur as a result of a tax increase?
A) private saving increases B) investment increases C) the trade balance improves D) the trade balance worsens E) the budget deficit increases