Describe the conditions under which monopoly exists. Give two examples
What will be an ideal response?
Monopoly occurs when one firm produces a unique good or service for which there are no close substitutes. No competing firms can enter the market because there are barriers to entry. These barriers can be legal or natural. Your local water company and the U.S. Postal service are monopolies.
Economics
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When the price of oranges increases from $4 to $6 per bag, the quantity demanded of oranges decreases from 800 bags to 700 bags. The price elasticity of demand over this price range is equal to
A) 3. B) 3/7 or 0.4286. C) 1/3 or 0.3333. D) 1/4 or 0.25.
Economics
The supply of land being fixed, the earnings from land are called transfer earnings
a. True b. False Indicate whether the statement is true or false
Economics