Which of the following refers to a natural monopoly?
a. A monopoly resulting from government control
b. A monopoly resulting from economies of scale
c. A monopoly resulting from output leadership
d. A monopoly resulting from a large advertising budget
e. A monopoly resulting from trade restrictions
b
Economics
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Refer to the figure above. What is the total surplus after Lithasia opens up to free trade?
A) $15 B) $25 C) $27 D) $35
Economics
The figure above shows the U.S. demand and U.S. supply curves for cherries. Suppose the world price of cherries is $2 per pound. At this price, U.S. consumption of cherries will equal
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
Economics