A natural monopoly occurs if having more than one supplier would result in an uneconomical duplication of facilities

Competitors are most likely to react to a price change, when ________

A) the firm has a weak value proposition B) the firm enjoys a monopoly C) there are few competing firms D) the product is heterogeneous E) buyers have limited information

Which of the following statements about the businessowners policy is (are) true?

I. It is designed to meet the insurance needs of large manufacturing firms. II. It is a package policy designed to meet the basic property and liability needs of an insured in a single contract. A) I only B) II only C) both I and II D) neither I nor II