A public good is
a. always depletable and excludable.
b. always depletable and often excludable.
c. never depletable and always excludable.
d. never depletable and always nonexcludable.
d
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Branding allows monopolistically competitive firms to:
a. achieve allocative efficiency b. increase demand and profits. c. produce at the lowest marginal cost. d. achieve productive efficiency.
The source of monopoly power for a firm with economies of scale occurs when:
a. an inventor gets the exclusive right to produce a product for 20 years. b. government awards a firm exclusive right to supply a particular product. c. a firm has exclusive control over a resource critical to production. d. a single firm can supply market demand at a lower average cost per unit than two or more firms each producing less.