Which of the following is not a criticism sometimes leveled at monopolies?
a. A monopoly promotes inefficiency
b. A monopoly creates a welfare loss.
c. A monopoly retards innovation.
d. A monopoly leads to improved economies of scale in production.
d
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Why do people in New York City often read the obituaries to locate an apartment?
A) They are strange. B) They find it efficient, given the alternatives. C) The landlords force them to. D) There is no other source of apartment rental information outside the obituaries.
Comparative advantage implies that a country will
A) import those goods in which the country has a comparative advantage. B) export those goods in which the country has a comparative advantage. C) find it difficult to conclude free trade agreements with other nations. D) export goods produced by domestic industries with low wages relative to its trading partners.