Natural monopolies result from:
A. control over an essential natural resource.
B. copyrights.
C. extensive economies of scale in production.
D. patents.
Answer: C
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Suppose the government spending multiplier is 2. The federal government cuts spending by $40 billion. What is the change in GDP if the price level is not held constant?
A) a decrease of more than $80 billion B) an increase of less than $80 billion C) an increase equal to $80 billion D) an increase of greater than $80 billion E) a decrease of less than $80 billion
Which of the following policies address the the problem posed by positive externalities?
A) a subsidy to the agent that generates the positive externality B) a tax on the agent that generates the positive externality C) limit the activity that generates the positive externality D) a subsidy to the agents that benefit from the positive externality
A horizontal demand curve indicates perfectly elastic demand
a. True b. False Indicate whether the statement is true or false
Income is to wealth as
a. hours are to minutes b. inches are to feet c. periods are to sentences d. demand is to quantity demanded e. learning is to knowledge