Which of the following is not a possible source of natural

Reference no: EM13388624

Which of the following is not a possible source of natural monopoly?

A. rent-seeking behavior

B. greater use of specialized inputs

C. simultaneous consumption

D. large-scale network effects

Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut farmers changes from $16 to $14 billion. Thus:

A. no inference can be made as to the elasticity of demand for peanuts.

B. the demand for peanuts is elastic.

C. the demand curve for peanuts has shifted to the right.

D. the demand for peanuts is inelastic.

Oligopoly is difficult to analyze primarily because:

A. neitherallocative efficiency nor productive efficiency is achieved.

B. the price and output decisions of any one firm depend on the reactions of its rivals.

C. output may be either homogenous or differentiated.

D. the number of firms is too large to make collusion understandable.

Firm X develops a new product and gets a head start in its production. Other firms try to produce a similar product but discover they have higher average total costs than the existing firm. This situation illustrates:

A. spillover costs.

B. learning-by-doing.

C. diminishing marginal returns.

D. diseconomies of scale.

Expansionary fiscal policy is so named because it:

A. is designed to expand real GDP.

B. involves an expansion of the nation's money supply.

C. is aimed at achieving greater price stability.

D. necessarily expands the size of government.

Reference no: EM13388624

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