Which of the following would be most likely to have monopoly power?
a. a long-distance telephone service provider
b. a local cable TV provider
c. a large department store
d. a gas station
b
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Suppose that in Slovakia one unit of labor can produce either 16 tons of wheat or 32 tons of soy and in Poland one unit of labor can produce either 4 tons of wheat or 2 tons of soy. Given this information, which of the following statements is true?
A. Slovakia has a comparative advantage in producing neither wheat nor soy. B. Slovakia has a comparative advantage in producing both wheat and soy. C. Poland has a comparative advantage in producing soy but not wheat. D. Poland has a comparative advantage in producing wheat but not soy.
Publicly provided education is generally considered
A. a public good that generates positive externalities. B. not to be a public good that generates negative externalities. C. not to be a public good that generates positive externalities. D. a public good that generates negative externalities.
The U shape of the average total cost curve is because:
A. average productivity rises and then falls. B. marginal product falls and then rises. C. average productivity falls and then rises. D. average productivity is constant.
The minimum-cost output is the quantity corresponding to the minimum point of the:
a. marginal cost curve. b. marginal product curve. c. average variable cost curve. d. average total cost curve.