In which of the following cases was the firm a natural monopoly at the beginning of the case but no longer a natural monopoly when the case resolved?
A. IBM case
B. Alcoa case
C. Standard Oil case
D. AT&T case
Answer: D
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Describe what is meant by the Cartesian coordinate system
What will be an ideal response?
The informal sector differs from the formal sector in that informal firms tend to
a. be larger b. be more capital intensive c. operate more apart from the usual laws and regulations d. produce goods and services not found elsewhere e. none of the above
In the aggregate demand–aggregate supply model, a decrease in income taxes can be illustrated by an
A. outward shift of the aggregate demand curve. B. inward shift of the aggregate demand curve. C. inward shift of the aggregate supply curve. D. outward shift of the aggregate supply curve.
If the price falls and the total amount consumers spend on the good rises, then demand must be
A. elastic. B. perfectly elastic. C. perfectly inelastic. D. inelastic.