Which of the Following Statements Is TRUE

question 96

Multiple Choice

Which of the following statements is TRUE?
I. Prices in a competitive market will always be lower than the prices charged by a natural monopolist.
II. A natural monopolist arises because of its ability to reduce average costs with large-scale production methods.
III. A natural monopoly is a firm that can demand more inputs without increasing its costs of production.

• A) I and II only
• B) II only
• C) III only
• D) I, II, and III

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Definitions:

Human Genome

Describes the complete set of nucleic acid sequences for humans, encoded as DNA within the 23 chromosome pairs in cell nuclei and in a small DNA molecule found within individual mitochondria.

Genes

Units of heredity made up of DNA that determine characteristics of living organisms.

Nature-Nurture Issue

A debate concerning the relative importance of an individual's innate qualities ("nature") versus personal experiences ("nurture") in determining or causing differences in physical and behavioral traits.

Psychological Traits

Enduring characteristics or behaviors that define an individual's personality.