Which of the following is the best example of a natural monopoly?
a. gold mining in the Colorado Rocky Mountains
b. filmmaking in Hollywood
c. electrical service to homes in Seattle
d. production of film by Kodak
e. production of computers by IBM
C
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According to this Application, by using a value-added approach to measure Wal-Mart's sales impact on the economy, we are
A) including GDP as a measure of welfare. B) using a chain-weighted index. C) avoiding double-counting. D) excluding the net foreign sector.
If price is above the break-even point, in the short run the firm will _____ and in the long run the firm will _____.
A. shut down; stay in business B. shut down; go out of business C. operate; go out of business D. operate; stay in business
Suppose you earn $4,800 a month and spend exactly $160 in each of the 30 days. If you deposit $1, 600 into your checking account on the first day, eleventh day, and twenty-first day of the month, then your average quantity of money demanded is
A) $800. B) $1,200. C) $2,400. D) $4,800.