A monopoly is most likely to be temporary if the monopoly power is derived from:
What will be an ideal response?
technological change.
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All of the following are examples of capital except:
a. the robot used to help produce your car. b. a computer used by your professor to write this exam. c. the factory that produces the costume jewelry you buy. d. the inventory of unsold goods at your local hardware store. e. an uncut diamond that you discover in your backyard.
When deciding whether to buy a second car, the economic way of thinking indicates that the purchaser should compare
a. the benefits expected from two cars with the cost of both. b. the additional benefits expected from a second car with the cost of the two cars. c. the dollar cost of the two cars with the potential income that the cars will generate. d. the additional benefits of the second car with the additional cost of the second car.
The Lorenz curve portrays:
A. the functional distribution of income. B. the ratio of labor to capitalist income. C. the personal distribution of income. D. income equality.
In the absence of discrimination, as human capital investments increase, wages will generally
A) decrease. B) increase. C) not change. D) increase or decrease.