Which of the following would most likely serve as an example of a monopoly?
a. a restaurant in a large city
b. a dry cleaners in a large city
c. a local gas station
d. a local electrical company
d
Economics
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Which of the following is necessary for the invisible hand of market prices to work properly?
a. buyers and sellers who generally tend to disregard their own self-interest b. democratic political procedures and highly regulated markets c. price controls that restrict the movement of market prices d. competition and property rights that are well-defined and enforced
Economics
A seller's reservation price is generally equal to:
A. the seller's marginal cost. B. the market price. C. the buyer's reservation price. D. the seller's average cost.
Economics