The International Nickel Company of Canada is often cited as an example of monopoly. What was the source of the barrier to entry that gave this firm monopoly power?
A) There were important network externalities in the production of nickel.
B) Economies of scale resulted in the company becoming a natural monopoly.
C) It was a public enterprise; therefore, the Canadian government blocked entry into the market for nickel.
D) control of a key resource
D
Economics
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Carefully explain why political pressure to protect industry has often been intense in the United States
What will be an ideal response?
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If "an apple a day keeps the doctor away" and you are only interested in keeping the doctor away—which you value at 100 utils—what is the total utility you derive consuming 2 apples and what is the marginal utility of the second apple?
a. 200; 100 b. 100; 200 c. zero; 100 d. 100; zero e. 200; zero
Economics