The Aluminum Company of America (Alcoa) had a monopoly until the 1940s because
A) it was a public enterprise.
B) it had a patent on the manufacture of aluminum.
C) the company had a secret technique for making aluminum from bauxite.
D) it had control of almost all the available supply of bauxite.
Answer: D
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Refer to Scenario 14.1. Marco and Lisette decide to help each other out and agree to split any medical bills from their doctor. With this new arrangement, Marco's dominant strategy will give him a net benefit of
A) $45. B) $75. C) $120. D) $150.
An effective minimum wage tends to
A) increase the supply of unskilled labor. B) decrease the demand for unskilled labor. C) create a surplus of unskilled labor. D) accomplish all of the above. E) accomplish none of the above.
Why do individuals hold money when it does not provide the services that, say, a house does?
A) Money is the most liquid asset. B) Money is the only form in which wealth may be held. C) Money increases in value faster than other assets. D) Money is useful in avoiding taxes on certain transactions.
Other things constant, a decrease in the price of fertilizer will: a. increase the supply of wheat
b. decrease the supply of wheat. c. increase the demand for wheat. d. decrease the demand for wheat.