Which of the following can create a monopoly? I. high prices II. public franchise III. patent IV. government license
A) I and II
B) I and III
C) I, II and III
D) II, III and IV
D
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An increase in foreign investment in Brazil's mining industry will increase the capital stock in Brazil. All else equal, as the capital stock increases, the marginal product of capital (MPK) will
A) increase due to diminishing marginal returns. B) decrease due to diminishing marginal returns. C) increase since capital is not subject to diminishing marginal returns. D) decrease since capital is not subject to diminishing marginal returns.
Which term refers to the exploitation of highly demanded shared resources?
a. Tragedy of the commons b. Free rider problem c. Negative externality d. Common pool resourcing
Refer to the graph shown. If the firm increases output from 30 to 40, total revenue will increase:
A. more than total cost, and so profit will decrease. B. less than total cost, and so profit will decrease. C. more than total cost, and so profit will increase. D. less than total cost, and so profit will increase.
Suppose the demand for money and the supply of money increase simultaneously. We can:
A. expect the interest rate to rise and bond prices to fall. B. expect the interest rate to fall and bond prices to rise. C. the nominal GDP to expand. D. not accurately predict what will happen to interest rates or bond prices.