The situation in which one firm can produce the total output of the market at lower cost than several firms is called
A) natural monopoly.
B) pure monopoly.
C) ruling monopoly.
D) cost monopoly.
A
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From a firm's viewpoint, opportunity cost is the
A) best alternative use customers can find for the firm's output. B) cost the firm must pay for the factors of production it employs to attract them from their best alternative use. C) accounting cost of resources. D) price a firm can charge for its output. E) cost of acquiring the opportunity to sell to its customers.
If there is currently a shortage of dollars, which of the following would you expect to see in the foreign exchange market?
A) The dollar will appreciate. B) There will be an increase in the supply of dollars. C) There will be an increase in the demand for dollars. D) The dollar will depreciate.
When the marginal product of labor rises
A) the marginal cost of production will exceed the average total cost. B) the marginal cost of production also rises. C) the average total cost of production also rises. D) the marginal cost of production falls.
We say that money is a store of value because it represents:
A. a certain amount of purchasing power held over time. B. something you can use to purchase goods and services. C. something you can directly offer, like any good or service, in exchange for some good or service you want. D. a standard unit of comparison.