When There Are Economies of Scale Over the Relevant Range

question 656

Multiple Choice

When there are economies of scale over the relevant range of output for a monopoly, the monopoly

• A)is a natural monopoly.
• B)is a government-granted monopoly.
• C)has monopoly power due to the ownership of a patent or copyright.
• D)has monopoly power due to the ownership of a key production resource.

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Definitions:

Good

An item or product that can be bought, sold, or provided in an exchange and is intended to satisfy a want or need.

Burden

In economic contexts, it often refers to the impact of taxes or regulations on individual or corporate finances.

Tax

Mandatory financial contributions imposed by governments on individuals, businesses, or transactions to finance government activities.

Buyers

Individuals or entities that purchase goods or services from sellers in exchange for money or other valuable considerations.