Author Question: Which of these contributes to the existence of monopoly power? a. the control of critical resources ... (Read 48 times)

faduma · **on:** Jun 30, 2018

Which of these contributes to the existence of monopoly power?
a. the control of critical resources
b. legal barriers
c. patents
d. All of the above contribute to the existence of monopoly power.

Question 2

Jeff owns a garage and has 3 mechanics to help him. With the tools used being fixed in the short run, his production function is given by 5 + 2L = Y , where L is the number of mechanics and Y is the number of cars they can fix. If Jeff hires a fourth mechanic, what will be the marginal product of the new mechanic hired?
a. 11
b. 13
c. 2
d. 7