A natural monopoly
a. is a monopoly in the production of raw materials.
b. occurs when one firm can supply the entire market more cheaply than can a number of firms.
c. is one result of a patent.
d. results from decreasing returns to scale.
b
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If the government wished to shift aggregate demand to the right, it might:
A. increase government spending. B. increase income taxes. C. pressure the Fed to decrease the money supply. D. Any of these things might cause aggregate demand to shift to the right.
Beginning from a long run equilibrium in an increasing cost industry, if there is a substantial, permanent fall in demand for industry output:
a. firms will leave the industry, the quantity produced will fall, and prices will end up lower than their initial long run equilibrium level. b. firms will leave the industry, the quantity produced will fall, and prices will end up higher than their initial long run equilibrium level. c. firms will leave the industry, the quantity produced will fall, and prices will end up at the same level as their initial long run equilibrium level. d. firms will enter the industry, the quantity produced will rise, and prices will end up lower than their initial long run equilibrium level.
Consider the following data for a nation
The country's real GDP declined between years:
A.
1 and 2
B.
2 and 3
C.
3 and 4
D.
4 and 5
A stock is a measure defined:
A. at a point in time. B. per unit of time. C. in nominal terms. D. in real terms.