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.
A reindeer sled, Arkhangelsk, Russia. Late nineteenth-century photochrom.
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Wang Guochen, c. nineteenth century
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