When an average cost pricing rule is imposed on a natural monopoly, ________.
A) total surplus is maximized and the monopoly incurs an economic loss
B) the monopoly makes zero economic profit
C) the monopoly makes an economic profit
D) total surplus is maximized and the monopoly makes an economic profit
Question 2
Organic food might be good for your health but in light of the 2008 downturn in the economy and falling incomes, consumers are buying less organic and more non-organic food. Based on these events, what is TRUE?
A) Organic food is a normal good and non-organic food is an inferior good.
B) Organic food is an inferior good and non-organic food is a normal good.
C) Organic food is a normal good and non-organic food is a normal good.
D) Organic food is an inferior good and non-organic food is an inferior good.
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