________ is a monopoly that exists in an industry where large economies of scale act as a barrier to entry.
A. A natural monopoly
B. A monopolistic competitor
C. A regulated monopoly
D. A price discriminator
Answer: A
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In classical growth theory, if real GDP per person is above the subsistence level,
A) population grows and lowers real GDP per person to its subsistence level. B) the pursuit of profit will cause economic growth to accelerate. C) technological growth occurs and keeps real GDP per person above its subsistence level. D) the economy will keep growing without limit. E) None of the above is correct because the classical growth theory asserts that real GDP per person can never exceed the subsistence level.
At the utility maximizing choice, the marginal utility of a baseball bat is 60 utils, while the marginal utility of a football is 30 utils. If the price of the baseball bat is $20, the price of the football is _____
a. $10 b. $20 c. $15 d. $5
Policies designed to pay off the national debt will result in:
A. A smaller level of aggregate demand B. Inflation. C. A higher level of aggregate demand. D. A redistribution of income but not wealth.
Before the DVD, the VCR was a popular format for taping and replaying video. When the DVD was introduced, which of the following most accurately describes the long-run adjustment process in the VCR industry?
A) Costs increased, price increased, demand decreased, quantity decreased, profit decreased. B) Demand increased, costs increased, price increased, quantity increased, profit decreased. C) Demand decreased, quantity decreased, price decreased, profit decreased. D) Demand decreased, price decreased, quantity decreased, profit decreased.