A natural monopoly exists if:
a. several former competitors merge to become the only producer in the industry
b. average cost of production is lowest when only one firm produces the entire industry output.
c. one firm controls the supply of an essential input used by the industry.
d. a firm has a patent or copyright.
b
Economics
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Equilibrium price and quantity for a collusive oligopoly are determined according to the intersection of the ____ curve and the horizontal sum of the short-run ____ curves for the oligopolists
a. total revenue; total cost b. marginal revenue; marginal cost c. average revenue; average cost d. marginal revenue; average total cost
Economics
Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of people in the labor force is
a. 30 b. 60 c. 85 d. 90 e. 70
Economics