A flour mill holding exclusive contracts to 95% of the wheat in a large geographic area may operate as a flour-producing monopoly locally because
A) the mill has a very inelastic supply curve.
B) the mill is a natural monopoly.
C) the mill controls a key input.
D) the government will declare it a monopoly.
C
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Which of the following is an example of Maslow's first level of needs?
a. food b. car c. school d. church
If he devotes all of his available resources to cantaloupe production, a farmer can produce 120 cantaloupes. If he sacrifices 1.5 watermelons for each cantaloupe that he produces, it follows that
a. if he devotes all of his available resources to watermelon production, then he can produce 80 watermelons. b. he cannot have a comparative advantage over other farmers in producing cantaloupes. c. his opportunity cost of one watermelon is 2/3 of a cantaloupe. d. his production possibilities frontier is bowed-out.