A natural monopoly is defined as A) a market in which ...

[rlane42]

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

[joshbk44]

Answer to Question 1

B

Answer to Question 2

B

[rlane42]

Thanks for the timely response, appreciate it

[nyrave]

YES! Correct, THANKS for helping me on my review