If there is just one producer in an industry where the average ...

[jessicacav]

If there is just one producer in an industry where the average total cost curve declines throughout the output range up to where it intersects the industry demand curve:
 a. the industry will be a natural monopoly.
 b. charging a price equal to marginal cost would entail economic losses for the producer.
  c. charging a price equal to average cost would entail a welfare cost.
 d. All of the above would be true.

Question 2

A country on a gold standard was able to maintain people's confidence in the value of its currency by:
 a. printing more and more paper money.
  b. restricting international exchange of goods and services.
  c. ensuring the convertibility of paper money into gold.
  d. maintaining a fixed stock of foreign currencies.
  e. ensuring balance of payment surplus.

[jasonq]

Answer to Question 1

d

Answer to Question 2

c

[jessicacav]

TYSM

[bdobbins]

Gracias!