Author Question: An industry in which total costs are kept to a minimum because only one firm serves the whole market ... (Read 44 times)

cherise1989 · **on:** Jun 30, 2018

An industry in which total costs are kept to a minimum because only one firm serves the whole market is called a:
a. natural monopoly.
b. competitive monopoly.
c. patent monopoly.
d. limit monopoly.

Question 2

If marginal utility becomes negative for the first time, which of the following is true?
a. Total utility is growing steeply.
b. Total utility begins to decline.
c. A rational consumer would never knowingly pay a positive price for these units of the good or service generating negative marginal utility.
d. Total utility equals marginal utility.
e. Both b. and c. above are correct.