What is the name of the monopolist having a declining long-run average cost throughout the market?
a. Monopolistic competition.
b. Monopoly by legal barrier.
c. Natural monopoly.
d. Contrived monopoly.
c
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Assume that the market for barley is in equilibrium and the demand for barley is inelastic. Predict what happens to the revenue of barley farmers if a prolonged drought reduces the supply of barley. The drought will cause farm revenue to
A) fall because of the decrease in the quantity of barley sold. B) rise because there will be a shortage of barley. C) rise because the percentage increase in quantity sold is greater than the percentage increase in price. D) rise because the percentage decrease in quantity sold is less than the percentage increase in price.
Ball's research on disinflation across different countries found that
A) costs of disinflation were smaller for rapid disinflation than for gradual disinflation. B) costs of disinflation were larger for rapid disinflation than for gradual disinflation. C) costs of disinflation were about the same for both rapid and gradual disinflation. D) costs of disinflation were smaller when the central bank had a strong inflation-fighting reputation.
Explain why Social Security and Medicare aren't welfare programs.
What will be an ideal response?
The tragedy of the commons can be solved by:
a. turning the good into a public good b. government regulation or taxation to prevent overconsumption c. both of the above d. neither of the above