Which of the following would most likely be provided by a natural monopoly?
A) Michigan Radio is the state's most listened-to public radio service.
B) Sirius Satellite Radio is accessed through a subscription.
C) X96 is an alternative radio station out of Salt Lake City.
D) a Mariah Carey CD
B
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The effective owner of a resource is the person who
A) can appropriate the income that arises from selling the services of the resource. B) enjoys physical possession of the resource. C) has legal title to the resource. D) has mixed the resource with individual effort to create private property.
Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. Assuming taxes are zero, if Hector completely smooths consumption over his lifetime, his annual consumption is
A) $60,000. B) $62,222. C) $80,000. D) $106,667.