A natural monopoly occurs when a single firm can produce the entire output of the market at a lower average cost than could many firms
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 18.4. With a tariff or quota, what is the equilibrium price of gloves in Duckland?
A) $8 B) $9 C) $10 D) $11
In 2006, the base price of a Hummer SUV was about $30,000. By 2008 as gasoline prices increased,
A) the demand curve for Hummers shifted leftward and Hummer prices decreased. B) the demand curve for Hummers shifted rightward and Hummer prices increased. C) there was a movement down along the Hummer demand curve. D) there was a movement up along the Hummer supply curve.
Which international meeting resulted in the first major global environmental treaty, convincing many skeptics that such cooperation was indeed possible?
a. the Copenhagen Convention b. the Stockholm Declaration c. the Montreal Protocol d. the Kyoto Protocol
In the "old days" (prior to 2008), the Fed typically conducted monetary policy by:
A. buying long-term assets like mortgage-backed securities. B. adjusting government spending and taxation. C. changing the interest rate that it paid banks on their reserves. D. targeting the federal funds rate with open market operations.