Which of the following is a source of market power for a monopolist?
a. a firm may have a patent or copyright
b. a firm may control critical resources
c. a firm may have a government-authorized franchise
d. a firm may enjoy economies of scale
e. all of the above are sources of market power for a monopolist
e
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Answer the following statements true (T) or false (F)
1) If unemployed workers leave a nation, the standard of living (national income per capita) will rise in that nation. 2) "Backflows" are payments made by immigrants back to their home countries. 3) Illegal immigrants displace domestic-born workers on a one-for-one basis. 4) Illegal immigration can result in higher wages for domestic-born workers who are complementary inputs.
In a "first-best" world
A. free trade benefits only the consumers of the importing country. B. free trade benefits only the exporting nations. C. each economy is self-sufficient enough not to indulge in free trade. D. free trade is economically efficient.