Author Question: A natural monopoly is defined as A) a market in which competition and entry are restricted by the ... (Read 59 times)

rlane42 · **on:** Jun 29, 2018

A natural monopoly is defined as

A) a market in which competition and entry are restricted by the granting of a government license.
B) an industry in which economies of scale allow one firm to supply the entire market at the lowest possible cost.
C) a market in which competition and entry are restricted by the granting of a patent.
D) any market where one firm constitutes the entire industry.

Question 2

The table below shows four alternative techniques for assembling a car. Which of the four techniques for assembling a car cannot be economically efficient with any input prices?

A) T-1
B) T-2
C) T-3
D) T-4