Which of the following could create a cost advantage for a monopoly?
A) better technology
B) lower friction due to better organization
C) standardization
D) All of the above.
D
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Suppose nominal aggregate demand falls by 3 percent while nominal wages are fixed
If firms were to lower their prices by 3 percent, this would ________ the drop in real output, with such pricing ________ an assumption that firms are profit-maximizers. A) prevent, in violation of B) prevent, consistent with C) worsen, in violation of D) worsen, consistent with
Health care markets may be inefficient because of
A. poor information. B. adverse selection. C. moral hazard. D. all of these answer options are correct.
From the perspective of an externality, most communities have zoning laws to:
A. raise government revenues. B. control external benefits. C. control external costs. D. encourage positive externalities.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.