If the technology for producing a good enables one firm to meet the entire market demand at a lower average total cost than two or more firms could, then that firm has
A) patented the market.
B) a natural monopoly.
C) increasing average total costs.
D) a legal barrier to entry.
E) a discriminatory monopoly.
B
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Airlines charge a ____________ to business travelers compared to leisure travelers because business travelers have a ____________ demand than leisure travelers
a. Higher; more elastic b. Higher; less elastic c. Lower; more elastic d. Lower; less elastic
Many countries impose tariffs or quotas to protect the domestic industry from competition
a. True b. False Indicate whether the statement is true or false
Which of the following is part of the economic way of thinking?
a. The accuracy of the assumptions is the best test of an economic theory. b. When an option becomes more expensive, people will be less likely to choose it. c. The value of a good can be determined objectively by measuring the amount of labor required for its production. d. All of the above.
Blanket standards on imports usually address issues affecting:
A. foreign production practices. B. domestic consumers. C. domestic producers. D. They can be used to address any of these.