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.
Natural selection of a population for dark coloration.
Dentition, as illustrated in Knight's Sketches in Natural History
Uranus's southern hemisphere in approximate natural colour (left) and in shorter wavelengths (r
Natural defenses against stomach acid.
Natural Settings
Producer acquiring energy and nutrients from the environment