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1.20 Which of the following would NOT be associated with a natural monopoly? a) Increasing average costs as the scale of operation increases. b) Large fixed costs. c) A large scale of operation. d) The ability to influence the market price.

1.20 Which of the following would NOT be associated with a natural monopoly? a) Increasing average costs as the scale of operation increases. b) Large fixed costs. c) A large scale of operation. d) The ability to influence the market price.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1.20 Which of the following would NOT be associated with a natural monopoly? a) Increasing average costs as the scale of operation increases. b) Large fixed costs. c) A large scale of operation. d) The ability to influence the market price. "Provision of higher education is costly. At the tertiary level, specialised knowledge is required to prepare students for different careers. Higher education institutions have to compete with industry to employ suitable teaching and research personnel, and staff salaries constitute a large part of their total expense accounts." 1.21 When institutions are deciding on how to finance all their academic activities, they are effectively... a) dealing with the problem of scarcity. b) dealing with opportunity cost. c) dealing with shortages. d) dealing with limited wants. "Cape Town and Durban were first developed in the 17th and 18th centuries as trading posts on the shipping route between Western Europe and Asia. During the 19th century, this role changed with the discovery of diamonds and gold in the interior. The port cities developed from being stop-over and service points providing shipping services, to being ports through which commodities were 1.22 traded." The change in the that occurred in the Durban and Cape Town ports during the 19th century is best explained by... a) A movement along the production possibilities frontier. b) A movement towards the production possibilities frontier c) An outward movement of the production possibilities frontier d) An inward movement of the production possibilities frontier
Transcribed Image Text:1.20 Which of the following would NOT be associated with a natural monopoly? a) Increasing average costs as the scale of operation increases. b) Large fixed costs. c) A large scale of operation. d) The ability to influence the market price. "Provision of higher education is costly. At the tertiary level, specialised knowledge is required to prepare students for different careers. Higher education institutions have to compete with industry to employ suitable teaching and research personnel, and staff salaries constitute a large part of their total expense accounts." 1.21 When institutions are deciding on how to finance all their academic activities, they are effectively... a) dealing with the problem of scarcity. b) dealing with opportunity cost. c) dealing with shortages. d) dealing with limited wants. "Cape Town and Durban were first developed in the 17th and 18th centuries as trading posts on the shipping route between Western Europe and Asia. During the 19th century, this role changed with the discovery of diamonds and gold in the interior. The port cities developed from being stop-over and service points providing shipping services, to being ports through which commodities were 1.22 traded." The change in the that occurred in the Durban and Cape Town ports during the 19th century is best explained by... a) A movement along the production possibilities frontier. b) A movement towards the production possibilities frontier c) An outward movement of the production possibilities frontier d) An inward movement of the production possibilities frontier
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