Which of the following is an example of a natural monopoly?
a. A local electricity supplier.
b. A dry cleaner in New York City.
c. An aircraft manufacturer.
d. A pharmaceutical company that holds a patent on a new drug.
A
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Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
Refer to the scenario above. Which of the following is true about this game?
A) This game has two dominant strategy equilibria. B) This game has multiple Nash equilibria. C) This game has a unique Nash equilibrium. D) This game does not have a dominant strategy equilibrium.
Since most consumers spend very little on salt, a small increase in the price of salt will:
A. reduce quantity demanded by a large amount. B. not change quantity demanded. C. not reduce quantity demanded by very much. D. increase quantity demanded by a small amount.
Refer to above figure. In the absence of trade, how many Widgets does this country consume?
What will be an ideal response?