A natural monopoly exists if:
a. several former competitors merge to become the only producer in the industry.
b. average cost of production is lowest when only one firm produces the entire industry output.
c. one firm controls the supply of an essential input used by the industry.
d. a firm has a patent or copyright.
Question 2
Consider a country Atlantica, using dollars () as its currency. If this country sets a price for gold, and then issues currency such that the amount in circulation is equivalent to the value of gold held in reserve, it is said to be the following:
a. an exchange standard.
b. a gold standard.
c. a reserve currency standard.
d. a crawling peg standard.
e. a currency board standard.
Boundaries within landscapes created by human activity (background) and natural environmental gradie
Dentition, as illustrated in Knight's Sketches in Natural History
Oil and Natural Gas Production from More Wells in Smaller Areas
Earth scientists have devised a scheme to divide the planet’s natural history into distinct time ...
Natural Settings
There Is a Difference between Natural and Added Sugars