Without an accepted medium of exchange
A) people would have to rely on gold or silver in order to exchange goods and services.
B) goods and services would be exchanged by barter.
C) prices are very difficult to determine.
D) there would be no trade.
B
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Alcoa had a monopoly in the U.S. aluminum market from the late nineteenth century until the end of World War II. Which barrier to entry was the source of Alcoa's monopoly power?
a. Ownership of a vital resource. b. Government franchises and licenses. c. Patents and copyrights. d. Economies of scale.
A cartel is:
A. a duopoly with more than two firms. B. a firm that always has a dominant strategy. C. a number of firms who collude to make collective production decisions about quantities or prices. D. the "leader" of an industry, typically the firm with the largest market share.