An industry is said to be a natural monopoly when:
a. legal barriers limit entry into the market.
b. diseconomies of scale are present in the market.
c. the market demand for the product supplied by a firm is inelastic.
d. long-run average cost continues to decline as the quantity of output increases.
Question 2
I'm tired of eating muffins for breakfast. Today, I'm trying a bagel. These statements most clearly reflect the:
a. law of increasing returns to scale.
b. second law of demand.
c. law of diminishing marginal utility.
d. law of comparative advantage.
Tri parti-colored (white, brown and black) guinea pig in its natural habitat.
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