Natural monopolies form when
a. small firms merge to form larger firms
b. one firm has control over the entire supply of a basic input required to produce the product
c. one firm's monopoly position is created and enforced by the government
d. one firm receives patent protection for certain basic production processes
e. long-run average cost declines as a firm expands output
Question 2
A wage offer that is above the market wage, intended to avoid the adverse selection problem, is called a(n)
a. efficiency wage
b. union wage
c. selection wage
d. spurious wage
e. opportunity cost wage
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