The public debt neither adds to nor subtracts from national production or consumption, but
a. if the bondholders are only the rich, the rich lose in the long run
b. poorer people, because they hold fewer bonds, end up paying less taxes
c. no individuals lose because everyone holds debt
d. individuals may gain or lose depending on whether they hold debt
e. neutrality of the debt means it is a win/win situation for everyone
D
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The situation in which one firm can produce the total output of the market at lower cost than several firms is called
A) natural monopoly. B) pure monopoly. C) ruling monopoly. D) cost monopoly.
A natural monopoly is a market where:
a. a single firm has control over a vital natural resource. b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm. c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms. d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.