A natural monopoly exists if:
a. several former competitors merge to become the only producer in the industry.
b. average cost of production is lowest when only one firm produces the entire industry output.
c. one firm controls the supply of an essential input used by the industry.
d. a firm has a patent or copyright.
Question 2
Consider a country Atlantica, using dollars () as its currency. If this country sets a price for gold, and then issues currency such that the amount in circulation is equivalent to the value of gold held in reserve, it is said to be the following:
a. an exchange standard.
b. a gold standard.
c. a reserve currency standard.
d. a crawling peg standard.
e. a currency board standard.
When a Tornado Strikes: Social Organization Following a Natural Disaster
When a Tornado Strikes: Social Organization Following a Natural Disaster
Selected Natural Products
The blue sticker on the rear of this vehicle indicates that it is designed to use compressed natural ...
Producer acquiring energy and nutrients from the environment
The density of Pb(s) is 11.34 g/cm3. Pb(s) exists in the cubic-closest packed structure