An example of a(n) ________________ is the U.S. Postal Service, which is the only entity allowed to deliver first-class mail.
a. natural monopoly
b. artificial monopoly
c. legal monopoly
d. technological monopoly
c. legal monopoly
Under U.S. law, no organization but the U.S. Postal Service is legally allowed to deliver first-class mail, making it a legal monopoly.
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Refer to the following graph.
An indifference curve with a constant marginal rate of substitution is shown by:
A. A. B. B. C. C. D. D.
DVD players have become more abundant, and cheaper, over the past few years. Explain the decline in DVD player prices
A) DVD manufacturers have become less interested in trying to maximize their profits. B) The demand curve for DVDs has shifted to the left. C) The supply curve for DVDs has shifted to the right. D) The supply curve for DVDs has shifted to the left.
Cartels are unstable due to all of the following factors except which one?
A) incentive to act in self-interest B) incentive for each firm to serve as the whistle -blower C) entry of new firms into the market D) trade groups
In modern economies:
A. all prices are very flexible. B. some prices are very flexible while others are not. C. no prices are very flexible. D. prices become less flexible as they increase.