Which of the following is a determinant of market supply?
A. Consumer expectations.
B. Available technology.
C. Consumers' income.
D. Consumers' desire for the good.
Answer: B
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When marginal revenue equals marginal cost, the firm
a. should increase the level of production to maximize its profit. b. may be minimizing its losses rather than maximizing its profit. c. must be generating positive economic profits. d. must be generating positive accounting profits.
For a natural monopoly to exist
A) a firm must continually buy up its rivals. B) a firm's long-run average cost curve must exhibit diseconomies of scale beyond the economically efficient output level. C) a firm's long-run average cost curve must exhibit economies of scale throughout the relevant range of market demand. D) a firm must have a government-imposed barrier.