Ralph's Ski Shop is a local monopoly in a regional market. This type of situation can result from all of the following except:
a. small population relative to output needed for scale economies
b. patent protection
c. control of local zoning or limited operation permits
d. long distance to alternative ski shops
e. multiple products
E
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Restricting demand will lower inflation but
A. aggravate the unemployment problem. B. reduce the unemployment rate. C. have no impact on the unemployment rate. D. None of the above is correct.
Assume a society can produce either olives or grapes. If the marginal rate of transformation of bushels of olives into bushels of grapes is 0.2, then the opportunity cost of grapes is
A. the additional 0.2 gallons of olives that can be produced. B. the 0.2 bushels of olives that must be forgone. C. the 5 bushels of olives that must be forgone. D. the 5 bushels of grapes that must be forgone.