The classic examples of natural monopolies over the years have been
A. public utilities.
B. auto manufacturers.
C. retail trade.
D. agriculture.
Answer: A
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Consider the Matching Pennies game:
Player B - heads Player B - tails Player A - heads 1, -1 -1, 1 Player A - tails -1, 1 1, -1 Suppose Player B always uses a mixed strategy with probability of 3/4 for head and 1/4 for tails. Which of the following strategies for Player A provides the highest expected payoff? A) Mixed strategy with probability 1/4 on heads and 3/4 on tails B) Mixed strategy with probability 1/2 on heads and 1/2 on tails C) Mixed strategy with probability 3/4 on heads and 1/4 on tails D) Pure strategy in which Player A always selects heads
The ______________ is the amount by which one input can be reduced when one more unit of another input is added while holding the output constant.
Fill in the blank(s) with the appropriate word(s).
In addition to insuring accounts, the FDIC today has the additional power of
A) establishing the discount rate. B) establishing FOMC goals. C) establishing higher capital requirements for banks. D) setting reserve requirements.
The amount of output lost when the inflation rate is reduced by one percentage point is called
A) Okun's law. B) the sacrifice ratio. C) the Solow residual. D) Planck's constant.