The DeBeers Diamond Company, which owns most of the South African diamond production, has market power over the diamond trade. This market power was obtained through:
a. illegal means.
b. control of a scarce resource.
c. patent protection.
d. government licensing.
Question 2
The cheapest way to produce a certain amount of output may vary between the short and long-run because:
a. all inputs can be adjusted in the long run.
b. all inputs can be adjusted in the short run.
c. input prices are fixed in the short run.
d. prices increase over the long-run.
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