Natural monopolies are firms that
a. have a downward-sloping long-run average cost curve over the entire range of market demand
b. have an upward-sloping long-run average cost curve over the entire range of market demand
c. are protected against the entry of new firms by patents, licenses, or other legal restrictions
d. control a nonreproducible resource that is critical to production
e. have been created over time by the mergers of many smaller firms
A
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When the Federal Reserve wants to slow inflation, it
A) lowers the federal funds rate. B) increases taxes on interest income. C) raises the federal funds rate target. D) increases aggregate income, output, and employment. E) cuts the federal funds rate target aggressively to almost zero.
The employment-to-population ratio is equal to the number of
A) unemployed people divided by the total population then multiplied by 100. B) employed people divided by the working-age population then multiplied by 100. C) employed people divided by the total population then multiplied by 100. D) unemployed people divided by the working age population then multiplied by 100.
The author of the book An Inquiry into the Nature and Causes of the Wealth of Nations is
A) Thorstein Veblen. B) Adam Smith. C) Milton Friedman. D) Alan Greenspan.
How is moral hazard related to health care?
What will be an ideal response?