To be a natural monopoly a firm must
A) have significant network externalities.
B) control a key resource input.
C) have economies of scale that are so large that it can supply the entire market at a lower cost than two or more firms.
D) be in a government-regulated market.
Question 2
Identify the one statement that does not demonstrate how social effects influence consumer choice.
A) Some products that people consume are determined by the social popularity of the products.
B) Companies such as Zappos.com and Netflix invite their consumers to write reviews about their experience with their products which are then posted on the internet for others to see.
C) Students in an Economics class are required to purchase a textbook assigned by the professor.
D) There is utility gained from consuming goods or services that others are consuming.
Genetic control of eye evolution.
Natural seletion
Mechanism involved in renal control of blood pressure
How to combine approximate and exact numbers when considering significant digits
Control of Respiration
Feedback control of ADH secretion