If a local community has only one doctor, the monopoly power of the physician will
a. be small if entry barriers into the local market are high.
b. depend on how many other physicians there are in the national market.
c. be total since there are not any other providers of the same service in the local market.
d. be minimal if the entry barriers restricting competition from other physicians are low.
D
You might also like to view...
The Federal Reserve Act of 1913 tasked the central bank with which of the following purposes?
a) To establish more effective supervision of the banking system in the United States. b) To keep inflation high. c) To keep employment low. d) To provide employment in the federal government.
In order to bring about a real depreciation of the dollar, the U.S. can hope for
A) a rise in the U.S. price level. B) a fall in foreign price levels. C) a rise in the dollar's nominal value in terms of foreign currencies. D) a rise in foreign price levels or a fall in the dollar's nominal value in terms of foreign currencies. E) increased output and full employment.