In general, economists are critical of monopoly where there is (are):
A. no natural monopoly.
B. a natural monopoly.
C. only a few firms
D. persistent economies of scale.
Answer: A. no natural monopoly.
You might also like to view...
Measuring the impact of a quota or tariff on the U.S. economy is an example of ________. Stating that a quota or tariff should be eliminated is an example of ________
A) statistical analysis; economic analysis B) positive analysis; normative analysis C) econometric analysis; protectionism D) trade analysis; an opinion
Which of the following applies to the "value of money"?
i. It is the inverse of the price level. ii. The value of money falls during economic expansions. iii. It is the quantity of goods and services that a unit of money will buy. A) iii only B) i and ii C) i, ii and iii D) ii and iii E) i and iii
If Country A opens up their corn market to trade with the rest of the world and the global price of corn is lower than the equilibrium price of corn in Country A, then Country A will ________ corn, which will ________ consumer surplus, ________
producer surplus, and ________ total surplus. A) import; increase; decrease; increase B) import; decrease; increase; increase C) export; increase; decrease; increase D) export; decrease; increase; increase E) export; decrease; increase; decrease
In the above figure, if the price is $12 per unit, how many units will a profit maximizing perfectly competitive firm produce?
A) 0 B) 20 C) 30 D) 35