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.
The skullcap from Trinil, Java is the type specimen for H. erectus and is about 900,000 years old.
Ngandong calottes from Java are the youngest H. erectus fossils at perhaps 27,000-50,000 years old.
Preschool: 3–6 years.
Patients Older than 60 Years of Age
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