A natural monopoly arises when A economies of scale are so great that only one

A natural monopoly arises when a economies of scale

This preview shows page 5 - 8 out of 10 pages.

12.A natural monopoly arises whenA) economies of scale are so great that only one firm can exist in a market.B) a firm acquires a patent.C) two firms merge to become the only firm serving an entire market. D) a single firm controls all of a natural resource. Points Earned:0.0/4.0Correct Answer(s):A13.An example of a public good is:Points Earned:0.0/4.0Correct Answer(s):A
Background image
14.Recall the Application "The Resale Value of a Week-Old Car." Newly purchased cars immediately lose a significant part of their value because buyers believe:Points Earned:4.0/4.0Correct Answer(s):A15.Among the external costs associated with automobiles is:Points Earned:4.0/4.0Correct Answer(s):D16.Which of the following is true about private goods?A) They are rival in consumption. B) They can have external benefits. C) They are consumed by a single person or household. D) All of these are true. Points Earned:0.0/4.0
Background image
Correct Answer(s):D17.The Robinson-Patman Act:Points Earned:0.0/4.0Correct Answer(s):D18.The optimal level of pollution abatement is where:Points Earned:0.0/4.0Correct Answer(s):C
Background image
Image of page 8

You've reached the end of your free preview.

Want to read all 10 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes