32. Which of the following distinguishes a natural monopoly from all other market structures, including non-natural, or classic, monopolies? A single firm with market power Multiple suppliers having higher production costs than a single supplier Average total costs that are rising at the profit-maximizing point Productive and allocative inefficiency at the profit-maximizing quantity and price A unique product
32. Which of the following distinguishes a natural monopoly from all other market structures, including non-natural, or classic, monopolies? A single firm with market power Multiple suppliers having higher production costs than a single supplier Average total costs that are rising at the profit-maximizing point Productive and allocative inefficiency at the profit-maximizing quantity and price A unique product
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
32. Which of the following distinguishes a natural monopoly from all other market structures, including non-natural, or classic, monopolies?
A single firm with market power
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Multiple suppliers having higher production costs than a single supplier
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Productive and allocative inefficiency at the profit-maximizing quantity and price
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A unique product
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35.
Which of the following explains the price a
The price is equal to average total cost at the quantity where marginal revenue equals marginal cost.
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The price is equal to average total cost at a quantity where marginal revenue is less than marginal cost.
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The price is greater than average total cost at the quantity where marginal revenue equals marginal cost.
|
It is equal to average total cost at a quantity where marginal revenue is greater than marginal cost.
|
The price is greater than average total cost at a quantity where marginal revenue is less than marginal cost.
|
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