Graph 15-1 -Refer to Graph 15-1.The Shape of the Average-Total-Cost Curve Reveals

question 111

Multiple Choice

Graph 15-1
-Refer to Graph 15-1.The shape of the average-total-cost curve reveals information about the nature of the 'barrier to entry' that might exist in a monopoly market.Which of the following monopoly types best coincides with the figure?

• A)natural monopoly
• B)government-created monopoly
• C)ownership of a key resource by a single firm
• D)none of the above

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Definitions:

Constitution

The system of fundamental principles or established precedents according to which a state or other organization is governed.

Economic Interests

The financial stakes or concerns in a policy, project, or action that motivates individuals, groups, or nations.

Popular Sovereignty

The idea that a state's power and governance are established and upheld with the approval of its citizens, via their chosen delegates.

Articles of Confederation

The first constitution of the United States, ratified in 1781, which established a weak federal government and was eventually replaced by the current U.S. Constitution in 1789.