Which of the following is a barrier to entry for a monopoly?
A) a patent
B) severe diseconomies of scale
C) close substitutes for the good or service exist
D) All of the above answers are correct.
A
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What is the main potential benefit of water markets?
a. More water is available for ecological uses b. Water is used for its most highly-valued purposes c. Underground aquifers can become replenished d. More water is available for lower-income households e. Water use is managed by a centralized agency
Which of the following scenarios would support the theory of public choice?
A. A college president eliminates wasteful departments and programs even though this will shorten her tenure and her political future. B. The president of Colombia goes after drug traffickers despite death threats and the offer of bribes that could make him a rich man. C. The governor of the state vetoes a highway bill even though the highway would enhance the value of property he or she owns. D. The local police chief fails to give the mayor a speeding ticket because the mayor might fire him.