Multiple Choice— Select the option that best completes the sentence or provides the answer to the question.
- Which of the following best describes a technology with increasing returns to scale?
- The opportunity cost of something is
- In which of the following circumstances a natural monopoly would likely arise?
- The market demand curve is
- Which of the following is true for a long-run equilibrium in a competitive industry?
- For a demand curve to slope upward,
- Which of the following combinations is more likely to have straight-line indifference curve?
- Which of the following is a necessary condition for a monopoly to arise?
- A monopolist's marginal revenue curve lies below average revenue, because:
- The market demand curve for a luxury good: