A monopoly arises when there:
a. is a firm desiring to compete in many markets.
b. is a firm wanting to maximize profits.
c. are barriers to the entry of other firms in the industry.
d. is government intervention to establish and enforce a price ceiling.
Ana: c. are barriers to the entry of other firms in the industry.
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Rufus runs a skunk-skinning service in West Virginia. He employs skinners at a wage rate of $240 a week for each one. He leases the shack where his workers work for $200 per week. The rent is fixed for the next two years
Last week his 10 employees managed to skin a total of 300 skunks. a. What is the average product of labor for Rufus's company? b. What is Rufus's total variable cost per week? c. What is the average variable cost for Rufus's company? d. If Rufus adds his brother Jethro to his staff, at a wage rate of $240 a week, and his company can now skin 310 skunks per week, what is Rufus's new average variable cost?
The international institution that serves as a lender of last resort is called the
A) IBRD. B) WTO. C) IMF. D) World Bank.