A Natural Monopoly Forms When _____

question 159

Multiple Choice

A natural monopoly forms when _____

• A)small firms merge to form larger firms.
• B)one firm has control over the entire supply of a basic input required to produce the product.
• C)one firm's monopoly position is created and enforced by the government.
• D)one firm receives patent protection for certain basic production processes.
• E)the long-run average cost incurred by a firm declines as the firm expands output.

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Definitions:

Drafting

The process of drafting refers to creating preliminary versions of documents or designs.

Outline

A general description or plan showing the essential features of something but not the detail.

Cultural Variables

factors that describe the differing aspects of cultures and influence how individuals within those cultures behave and communicate.

Organizations

Groups of people structured to achieve specific goals, purposes, or interests, ranging from businesses to nonprofit entities.