A natural monopoly exists if:
a. several former competitors merge to become the only producer in the industry.
b. average cost of production is lowest when only one firm produces the entire industry output.
c. one firm controls the supply of an essential input used by the industry.
d. a firm has a patent or copyright.
Question 2
Consider a country Atlantica, using dollars () as its currency. If this country sets a price for gold, and then issues currency such that the amount in circulation is equivalent to the value of gold held in reserve, it is said to be the following:
a. an exchange standard.
b. a gold standard.
c. a reserve currency standard.
d. a crawling peg standard.
e. a currency board standard.
Evolutionary adaptation to a new environment via natural selection.
A 19-foot-long blue whale skull in the collections of the Smithsonian Museum of Natural History
The Tsavo Man-Eaters on display in the Field Museum of Natural History in Chicago, Illinois.
Dentition, as illustrated in Knight's Sketches in Natural History
Oil and Natural Gas Transportation
Responses to artificial and natural selection