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Author Question: The situation in which one firm can produce the total output of the market at a lower cost than ... (Read 36 times)

Capo

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on: Jul 1, 2018
The situation in which one firm can produce the total output of the market at a lower cost than several firms is called a
 
  A) natural monopoly.
  B) pure monopoly.
  C) ruling monopoly.
  D) cost monopoly.

Question 2

Suppose that once a well is dug, water flows out of it continuously without any additional effort. Customers collect their water and pay a per gallon fee when they leave the site of the well. In the short run, the competitive firm in this market
 
  A) will not shut down because variable costs are zero.
  B) has no fixed costs.
  C) faces diminishing marginal returns.
  D) can act as a price setter.
Microeconomics ¦ Perloff ¦ 8th Edition
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xoxo123

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

A


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