Alcoa had a monopoly in the U.S. aluminum market from the late nineteenth century until the end of World War II. Which barrier to entry was the source of Alcoa's monopoly power?
a. Ownership of a vital resource.
b. Government franchises and licenses.
c. Patents and copyrights.
d. Economies of scale.
Question 2
Suppose that the price of telephones decreases. If more are purchased then:
a. the total utility of telephones will decrease.
b. the total utility of telephones will be unchanged.
c. the marginal utility of telephones will likely increase.
d. the marginal utility of telephones will likely decrease.
e. both a and d.
Many types of edible fungi are grown for the market.
Like most world-changing inventions, the printing press of fifteenth-century Europe took advantage o
The Last Century Trends
The Last Century Trends
Late Proterozoic
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...