Assume a consumer purchases two goods: X and Y. All else constant, an increase in the price of X would cause the total utility the consumer can obtain with her available income to decrease

If firms in a competitive market are identical, the long-run market supply curve is horizontal

Indicate whether the statement is true or false

Each of the following is a source of monopoly except:

a. Patents. b. Large economies of scale. c. Small fixed costs. d. Government franchise.