An industry in which economies of scale allow one firm to supply the entire market at the lowest possible cost is called a
A) legal monopoly.
B) natural monopoly.
C) single-price monopoly.
D) one-firm monopoly.
B
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What characterizes a competitive equilibrium?
A) Markets are rationed. B) Governments stay out of the market. C) Economic agents are price-takers. D) It is costly to experiment with policies.
Which measure of money would we most likely use if we were interested in looking at spending in the economy?
A. Hard money B. M1 C. M2 D. Reserves.
Since 1980, developing countries have turned increasingly toward emphasizing
A. exports of less-skilled-labor-intensive manufactured goods. B. exports of less-skilled-labor-intensive primary goods. C. imports of less-skilled-labor-intensive manufactured goods. D. imports of less-skilled-labor-intensive agriculture goods.
Refer to the table below. At a price of $6, the weekly market quantity demanded for hamburger is:
The table below shows the weekly demand for hamburger in a market where there are just three buyers.
A. 17
B. 23
C. 18
D. 24