If there are economies of scale throughout the relevant output range of production, which is false?
a. It is a natural monopoly
b. It is more efficient to have a single firm produce the good.
c. It would typically result from a firm's possession of an exclusive patent.
d. One large firm can produce at lower cost than two or more smaller firms.
c
Economics
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The need for government subsidies of irrigation produced
(a) the Desert Land Act (1877). (b) the Interstate Commerce Commission Act (1887). (c) the Newlands Act (1902). (d) all of the above.
Economics
Market equilibrium occurs at that price for which
a. quantity supplied equals quantity demanded b. cost equals the wages to labor c. the surplus quantity drives increased demand d. quantity supplied exceeds quantity demanded e. quantity supplied is less than quantity demanded
Economics