Author Question: A natural monopoly is a market where: a. a single firm has control over a vital natural resource. ... (Read 185 times)

EY67 · **on:** Jun 30, 2018

A natural monopoly is a market where:
a. a single firm has control over a vital natural resource.
b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm.
c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms.
d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.

Question 2

As more Big Macs are consumed each day, the marginal utility that a person gets from each additional Big Mac:
a. rises at a steady rate.
b. decreases.
c. remains constant.
d. accelerates.