A monopolist maximizes profit by producing the output at which marginal revenue equals marginal cost.

A natural monopoly occurs when

A) one firm owns all the vital resources needed to produce a particular good. B) economies of scale allow one firm to supply the entire market at the lowest possible cost. C) a few firms collude to act as a single firm. D) one firm captures all the consumer surplus.

Ginger quits her job as personal secretary to the Vice President of HR Technologies because she cannot handle the stress. It takes her three weeks to find a job as a receptionist at Mariam Hotels and Resorts. Over these three weeks, she would be considered frictionally unemployed

a. True b. False Indicate whether the statement is true or false