An industry in which total costs are kept to a minimum because ...

[cherise1989]

An industry in which total costs are kept to a minimum because only one firm serves the whole market is called a:
 a. natural monopoly.
  b. competitive monopoly.
  c. patent monopoly.
  d. limit monopoly.

Question 2

If marginal utility becomes negative for the first time, which of the following is true?
 a. Total utility is growing steeply.
 b. Total utility begins to decline.
 c. A rational consumer would never knowingly pay a positive price for these units of the good or service generating negative marginal utility.
  d. Total utility equals marginal utility.
 e. Both b. and c. above are correct.

[poopface]

Answer to Question 1

a

Answer to Question 2

e

[cherise1989]

Gracias!

[peter]

Thanks for the timely response, appreciate it