For a Firm to Be a Natural Monopoly,it Should Have

question 10

Multiple Choice

For a firm to be a natural monopoly,it should have

• A)a special patent.
• B)exclusive access to a copyright.
• C)a cost curve that was continuously downward sloping to the right.
• D)a monopoly on a natural resource.
• E)a product so unique that no other firm could come close to producing it.

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Definitions:

Assembly Line

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product much more efficiently than with individual craftsmanship.

Cyclically Unemployed

Individuals who are unemployed due to the downturn in the business cycle, such as during a recession.

Structurally Unemployed

Individuals who are unemployed due to a mismatch between their skills and the requirements of the current job market, often because of technological changes or shifts in the economy.

Seasonal Unemployment

Unemployment resulting from the seasonal pattern of work in certain industries, with workers regularly laid off during the slow season and rehired during the busy season.