The phrase "bundle of legal rights" is properly included in
A) the definition of real property.
B) a legal description.
C) real estate transactions.
D) leases for less than one year.
Answer: A) the definition of real property.
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A firm experiencing constant economies of scale will have a long-run average cost curve that is:
a. upward sloping b. vertical c. downward sloping d. horizontal
Workers with a particular skill are represented by
A. Craft unions. B. Industrial unions. C. Market unions. D. Skill unions.
Which statement is true?
A. The monopolist usually operates at the minimum point of its ATC.
B. Nearly all monopolies are very large firms.
C. Most natural monopolies produce agricultural products or natural resources.
D. None of these statements are true.
Which of the following will NOT cause market supply to increase?
A) an increase in the number of firms supplying the product in the market B) a change in technology which allows a larger level of production at every price C) an increase in the costs of resources used to produce the product D) a decrease in labor costs