Author Question: Refer to the information provided in Figure 13.8 below to answer the question that follows. Refer to ... (Read 15 times)

jCorn1234 · **on:** Apr 19, 2019

Question 1

Which type of barrier to entry allowed the electric company to maintain a monopoly over the production of electricity?

◦ a patent
◦ economies of scale
◦ diseconomies of scale
◦ ownership of a scarce factor of production

Question 2

Refer to the information provided in Figure 13.8 below to answer the question that follows.

Refer to Figure 13.8. The only firm producing electricity has the long-run average total cost curve shown. The total amount of demand for kilowatts is 100,000 per hour. It makes economic sense for this firm to be the only producer of electricity because this firm

◦ must be realizing economies of scale in producing electricity.
◦ must have a patent on the production process necessary to produce electricity.
◦ must have control over a scarce factor of production.
◦ must have a government franchise to produce electricity.

Jody Vaughn · **Reply #1 on:** Apr 19, 2019

A FREE account is required to view all solutions!

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 49% of students answer this correctly