A monopoly that results from economies of scale is called a(n):
A. large-scale monopolist.
B. antitrust violator.
C. cost-plus firm.
D. natural monopoly.
Answer: D
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Common causes for a backflow in migration include the following, except:
A. Expected gains in the new country are exceeded by actual gains B. Living costs in the new country are higher than expected C. Costs of being away from family and friends are greater than expected D. Anticipated jobs and promotions are not found in the new country
If the marginal propensity to save is 0.35, the multiplier is 2.86
Indicate whether the statement is true or false
A firm has market power:
A. when it can profitably charge any price of its choosing. B. when it is characterized as a price taker. C. when it can profitably charge a price that is above its marginal cost. D. only when it is the sole firm producing in a market.
The above figure shows the market for steel ingots. An externality can be seen because
A) the social marginal cost exceeds the private marginal cost. B) the private marginal cost exceeds the social marginal cost. C) the optimal quantity of steel is zero. D) not enough steel gets produced by the competitive market.