Shortly after the turn of the century, U.S. Steel owned most of the iron ore reserves in the country. This is an example of
A) monopoly due to government restrictions.
B) a barrier to entry from owning an important resource.
C) a barrier to entry from scale economies.
D) monopoly due to governmental entry restrictions.
Answer: B
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The consumption function shows the relationship between
A) interest rates and planned real consumption. B) employment and planned real consumption. C) the price level and planned real consumption. D) real disposable income and planned real consumption.
If price were $190, there would be a _____ (shortage or surplus) of _____.
If the quantity demanded of good X is greater than the quantity supplied of good X, then the market for good X is in disequilibrium
Indicate whether the statement is true or false
Consider an unregulated monopoly in Figure 8.13. If that monopoly sets its price equal to its marginal cost, it would:
A. earn negative profits. B. earn maximum profits. C. earn zero profits. D. earn small, but greater than zero, profits.