A monopoly is the single supplier of a product with no ______.
a. established price
b. limit to supply
c. barriers to entry
d. close substitutes
d. close substitutes
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In the above figure, if the natural monopoly is regulated with an average cost pricing rule and the firm does not inflate its costs, the deadweight loss to society is
A) zero. B) efc. C) ebc. D) gac.
The evolution of the payments system from barter to precious metals, then to fiat money, then to checks can best be understood as a consequence of the fact that
A) paper is more costly to produce than precious metals. B) precious metals were not generally acceptable. C) precious metals were difficult to carry and transport. D) paper money is less accepted than checks.
Which of the following variables is measured only at a particular point in time and not over different time periods?
a. The unemployment rate b. Consumer income c. The federal government's debt d. The federal government's budget deficit e. Total expenditure
Jerome is an app developer. Which one of the following apps would allow him to capitalize on the market of consumers who are aware that they lack self-control but want to lessen their addiction to their smartphone?
a. a game that prompts users to pay a small fee only when they are about to beat an important level b. a paid app that blocks access to certain other apps for a selected amount of time each day c. a paid social media app that scans the content users are about to post for potential controversy d. a free, ad-supported app that tells users which apps are not worth their time or money