Several years ago, Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world. This market was not perfectly competitive because this situation violated the:
A) price-taking assumption.
B) homogeneous product assumption.
C) free entry assumption.
D) A and B are correct.
E) A and C are correct.
Question 2
In which of these situations would the Coase theorem be MOST likely to work?
A) A thousand firms use a lake, there are no other users, all their costs could be reduced somewhat by polluting, but all would have lower water intake costs if the lake were clean.
B) A group of nine firms use a lake, there are no other users, all their costs could be reduced somewhat by polluting, but all would have lower water intake costs if the lake were clean.
C) Worldwide deep sea fishing rights need to be negotiated among thousands of fishermen from different countries.
D) One hundred and fifty nations need to come to an accord about CFC generation to combat ozone depletion.
E) A group of chemical firms high upstream on the Mississippi River have emissions that affect not only communities downstream along the river, but around the Gulf of Mexico as well.
An adaptation protecting against aluminum toxicity.
The cranium of early African H. erectus KNM-ER 3733 is nearly 1.8 million years old.
(a) The site of Zhoukoudian outside of Beijing, China, spans several hundred thousand years and (b)
Levallois points and flakes from Kapthurin, Kenya date to between 200,000 and 280,000 years ago.
Hong Kong is a strange situation. A British colony since 1842, it was handed back to China in 1997 a
One-handed kneading. Tissues are lifted with the whole hand in firm contact.