All of the following are examples of natural monopolies except
A. College bookstores.
B. Electricity companies.
C. Railroad companies.
D. Local telephone companies.
Answer: A
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The curve labeled A in the above figure will shift rightward when
A) the price level falls. B) technology increases. C) population falls. D) the price level rises.
The Reagan administration's 1981 personal income tax changes were designed to: a. stimulate aggregate demand and reduce unemployment
b. stimulate aggregate demand and increase economic growth. c. stimulate aggregate supply and increase economic growth. d. decrease aggregate demand in order to reduce inflation. e. increase tax revenues to reduce the federal budget deficit.
We benefit from trade if we are able to obtain a good from a foreign country:
a. that has a very low domestic demand. b. the production of which requires a steady supply of unskilled labor. c. by giving up less of other goods than we would have to give up to obtain the good at home. d. by giving up more of other goods than we would have to give up to obtain the good at home. e. that has a substantial number of substitutes in the domestic market.
The models used in economics:
A) are usually limited to variables that are directly related. B) are essentially not reliable because they are not testable in the real world. C) are of necessity unrealistic and have no relationship to the real world. D) emphasize basic relationships by abstracting from complexities in the everyday world.