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Author Question: An industry is said to be a natural monopoly when: a. legal barriers limit entry into the market. ... (Read 208 times)

Hungry!

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on: Jun 30, 2018
An industry is said to be a natural monopoly when:
 a. legal barriers limit entry into the market.
  b. diseconomies of scale are present in the market.
  c. the market demand for the product supplied by a firm is inelastic.
  d. long-run average cost continues to decline as the quantity of output increases.

Question 2

I'm tired of eating muffins for breakfast. Today, I'm trying a bagel. These statements most clearly reflect the:
 a. law of increasing returns to scale.
  b. second law of demand.
  c. law of diminishing marginal utility.
  d. law of comparative advantage.


huda

  • Sr. Member
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  • Posts: 304
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

c


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