If a monopoly arises as a natural monopoly
a. using anti-trust law to break it up is a poor remedy
b. anti-trust law should be used to break it up
c. that is most likely due to a patent or copyright
d. it will evolve into a perfectly competitive market in the long run
e. it should be encouraged, because it is "natural"
A
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Which of the following shifts the supply curve of rutabagas rightward? (A rutabaga is a potato-like vegetable.)
A) an increase in the price of a rutabaga B) an exceptionally cold summer that killed much of the rutabaga crop C) a fall in the price of fertilizer used to grow rutabagas D) Both answers A and C shift the supply curve of rutabagas rightward. E) Both answers A and B shift the supply curve of rutabagas rightward.
Consider the production possibilities curve [PPC] for a country producing only cheese and wine. The first few resources transferred from cheese to wine production are:
a. those that are most specialized in cheese production. b. those that are most specialized in wine production. c. those that are least specialized in cheese production. d. those that are neither specialized in cheese nor wine production. e. those that are highly specialized in both cheese and wine production.
If the government cuts the tax rate, workers get to keep
a. less of each additional dollar they earn, so work effort increases, and aggregate supply shifts right. b. less of each additional dollar they earn, so work effort decreases, and aggregate supply shifts left. c. more of each additional dollar they earn, so work effort increases, and aggregate supply shifts right. d. more of each additional dollar they earn, so work effort decreases, and aggregate supply shifts left.
The value of a good to a consumer depends on
a. its total utility b. the marginal utility of the first unit consumed c. the average utility of the units consumed d. the marginal utility of the last unit consumed e. the ratio of its marginal utility to total utility