In the case of a natural monopoly, two firms can produce at lower average cost than one firm can.
Answer the following statement true (T) or false (F)
False
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In what geographic areas would a market-oriented system that remains closer to the command economy end of the spectrum most likely be found?
a. parts of Asia, Africa, and South America b. Cuba and North Korea c. Europe and the United States d. China and Russia
The table below shows the weekly demand for hamburgers in a market where there are just three buyers.PriceQuantity Demanded by Buyer 1Quantity Demanded by Buyer 2Quantity Demanded by Buyer 3$6746597841510123211516Refer to the table. At a price of $6, the weekly quantity of hamburgers demanded in the market is
A. 23. B. 17. C. 11. D. 10.
In the production function Y = f(K, NA), for a given state of technology, constant returns to scale implies that output (Y) will increase by 7% when
A) K or NA increase by 7%. B) K and N increase by 7%. C) N or A increase by 7%. D) N and A increase by 7%. E) all of the above
The harmful effect of a price ceiling to ________ is ________.
A. producers; the ceiling creates a surplus of the product B. consumers; the ceiling creates a shortage of the product C. producers; the selling price of the product is above the equilibrium price D. consumers; the selling price of the product is above the equilibrium price