ECO 202 Test 3
In the graph, what is the profit-maximizing level of output for this pure monopolist? A B C D
B
The Gini ratio of income inequality ranges between A. 0 and 10,000. B. 1 and 10. C. −1 and +1. D. 0 and 1.
D
Refer to the payoff matrix. Bob's Burgers and Sam's Sandwiches are competing restaurants in a small town. Both are considering adding pizza to their line of products. If this is a sequential game and Bob's moves first, which cell represents the final outcome? A B C D
IDK YET
In which industry is monopolistic competition most likely to be found? A. utilities B. agriculture C. retail trade D. mining
C
A kingdom where only the king earns all income would have a Gini ratio of A. 100. B. 0. C. 1. D. 2.
C
OPEC provides an example of A. an unwritten, informal understanding. B. noncollusive oligopoly. C. an international cartel. D. a monopolistically competitive industry.
C
Game theory is best suited to analyze the pricing behavior of A. pure monopolists. B. pure competitors. C. monopolistic competitors. D. oligopolists.
D
Answer the question based on the payoff matrix for a duopoly in which the numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy. If both firms operate independently and do not collude, the most likely profit is A. $400,000 for firm X and $400,000 for firm Y. B. $725,000 for firm X and $475,000 for firm Y. C. $475,000 for firm X and $725,000 for firm Y. D. $625,000 for firm X and $625,000 for firm Y.
A
Excess capacity refers to the A. amount by which actual production falls short of the minimum ATC output. B. fact that entry barriers artificially reduce the number of firms in an industry. C. differential between price and marginal costs that characterizes monopolistically competitive firms. D. fact that most monopolistically competitive firms encounter diseconomies of scale.
A
In an oligopoly, producers' agreements to restrict output tend to be unstable because each firm has an incentive to A. produce more than its output quota. B. lower both its price and its output. C. raise its price above the cooperative price. D. establish competitive price and output levels.
A
In the health care market, A. demand has increased relative to supply. B. supply has increased relative to demand. C. neither demand nor supply has changed significantly in the past two decades. D. the concepts of demand and supply are irrelevant.
A
Individual transferable quotas are limited in their effectiveness because they are only enforceable within 200 miles of a nation's shores. government, rather than the market, sets their price. they encourage wasteful spending by fishers in ITQ areas. they are not tradable.
A
It is generally easier to prevent deforestation than fishery collapse because A. it is easier to establish and enforce property rights on national lands than in international waters. B. there is greater incentive to have sustainable forests than sustainable fisheries. C. the demand for wood products has dropped significantly, while the demand for fish has grown significantly. D. All of the other possible answers are correct.
A
Refer to the diagram for a natural monopolist. If a regulatory commission were to set a maximum price of P3, the monopolist would A. maximize profits. B. increase output beyond the profit-maximizing level. C. reduce output below the profit-maximizing level. D. be unable to make a normal profit.
A
Refer to the diagram. If all monopolistically competitive firms in the industry have profit circumstances similar to the firm shown above, A. new firms will enter the industry. B. some firms will exit the industry. C. all firms will exit the industry. D. no firms will enter the industry.
A
Refer to the diagrams. With the industry structures represented by diagram A. (A), there will be only a normal profit in the long run, while in (B) an economic profit can persist. B. (A), price exceeds marginal cost, resulting in allocative inefficiency. C. (B), price equals marginal cost, resulting in allocative efficiency. D. (B), equilibrium price and quantity will be e and h, respectively.
A
Refer to the graphs of D and MR for a monopolist. Which of the following statements is true? A. Demand is elastic at a price of P1. B. Demand is inelastic at a price of P2. C. The price elasticity of demand is constant over the entire demand curve. D. Demand is unitary-elastic over the entire demand curve.
A
The demand curve faced by a monopolistically competitive firm A. is more elastic than the monopolist's demand curve. B. is less elastic than the monopolist's demand curve. C. will shift outward as new firms enter the industry. D. is more elastic than the demand curve faced by the purely competitive firm.
A
The higher prices charged by monopolists A. are like a private tax that redistributes income from consumers to monopoly sellers. B. are socially optimal because they better reflect how much society values the good relative to the resources used to produce it. C. return to consumers through the public goods provided by monopolies. D. have no effect on the distribution of income.
A
The long-run total demand for commodity resources is driven by which of the following forces? A. rising number of people alive and an increasing amount of consumption per person B. stable number of people alive and an increasing amount of consumption per person C. rising number of people alive and a stable amount of consumption per person D. rising number of people alive and a decreasing amount of consumption per person
A
The twin problems of the U.S. health care industry are A. rapidly rising costs and unequal access to health care. B. declining quality of health care and the duplication of specialized equipment at hospitals. C. declining per capita spending on health care and the moral hazard problem. D. the decline in the number of family physicians and the failure to vaccinate children.
A
To achieve economic efficiency in energy use, an economy A. often uses a variety of energy sources. B. must use the single energy source in which it can achieve economies of scale. C. should use all energy sources in equal proportion. D. should use only domestically produced energy.
A
Two characteristics of oligopoly pricing that have frequently been observed are that A. oligopolistic prices tend to be "sticky" or inflexible, and when the firms do change their prices, they tend to do so together. B. oligopolistic firms' prices tend to fluctuate a lot, and these prices tend to move together with each other. C. oligopolists tend to practice a lot of price discrimination, and there tends to be a wide variance in oligopoly pricing. D. oligopolistic firms' prices tend to fluctuate a lot, and there tends to be a wide variance in oligopoly pricing.
A
Which of the following is a public assistance or welfare program as opposed to a social insurance program? A. Supplemental Security Income (SSI) B. unemployment compensation C. Medicare D. Social Security
A
Which of the following is not a reason why the demand for health care in the U.S. is quite price-inelastic? A. People consider health care to be a luxury. B. There are only a few, or no, substitutes. C. Most consumers do not shop around, preferring a long-term relationship with their doctors. D. Most patients have insurance, effectively removing their budget constraint for health care.
A
"Variety is the spice of life" is best applied to which market structure? A. pure competition B. monopolistic competition C. oligopoly D. monopoly
B
A breakdown in price leadership leading to successive rounds of price cuts is known as A. limit pricing. B. a price war. C. informal pricing. D. price discrimination.
B
A monopoly results in productive inefficiency because at the profit-maximizing output level, A. P > MC. B. ATC is not at its minimum level. C. MC is not at its minimum level. D. P > AVC.
B
Assume that the short-run cost and demand data given in the tables below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Cost Data Demand Data Total Output Total Cost Quantity Demanded Price 0 $25 0 $60 1 40 1 55 2 45 2 50 3 55 3 45 4 70 4 40 5 90 5 35 6 115 6 30 If the firm sells 3 units of output, marginal revenue will be A. -$5. B. $35. C. $135. D. $165.
B
Demand and marginal revenue curves are downward-sloping for monopolistically competitive firms because A. each firm has to take the market price as given. B. product differentiation allows each firm some degree of monopoly power. C. there are a few large firms in the industry and they each act as a monopolist. D. mutual interdependence among all firms in the industry leads to collusion.
B
Health savings accounts (HSAs), implemented by the 2003 Medicare law, A. are only available to those enrolled in Medicare. B. allow workers to accumulate untaxed dollars for payment of qualified medical expenses. C. are criticized because they require workers to "use it or lose it" each year; workers are not allowed to accumulate balances over time. D. can only be used to pay for prescription drugs.
B
If marginal costs decrease and the MC curve shifts down, a typical monopolist will A. reduce price and reduce quantity of output. B. reduce price and increase quantity of output. C. increase price and reduce quantity of output. D. increase price and increase quantity of output.
B
If the existence of health insurance increases one's incentive to use the health care system more intensively, this is an illustration of A. the adverse selection problem. B. the moral hazard problem. C. the benefits-received principle. D. the Coase theorem.
B
In many large U.S. cities, taxicab companies operate as near monopolies because of A. patents. B. licenses. C. economies of scale. D. strategic pricing.
B
In the long run, a monopolistically competitive firm A. earns an economic profit. B. produces where P = ATC. C. produces where MR exceeds MC. D. achieves allocative efficiency.
B
Insurance companies require male drivers under age 25 to pay higher insurance rates than female drivers under age 25. Craig Raymond, however, is a safer driver than the average female driver under age 25. Craig's higher insurance rate reflects A. monopoly power. B. statistical discrimination. C. the insurance firm's taste for discrimination. D. human-capital discrimination.
B
Insurance tends to drive up health care costs by encouraging greater use of health care resources. Why has this occurred in the United States but not in Canada or the United Kingdom? A. There is no health care insurance in Canada or the United Kingdom. B. Canada and the United Kingdom use nonprice rationing to contain costs. C. Canada and the United Kingdom have better health care technology that allows them to achieve lower costs than the United States. D. Only private insurance creates an incentive to overuse health care resources.
B
One argument for having the government regulate natural monopolies is that without regulation, A. these monopolies usually produce things that are potentially harmful to our health. B. these monopolies produce at a level where marginal benefit is greater than marginal cost. C. these monopolies produce at a level where marginal benefit is less than marginal cost. D. the industry would become competitive and there would be too many firms in the market to achieve efficiency.
B
Other things equal, if more firms enter a monopolistically competitive industry, A. the demand curves facing existing firms would shift to the right. B. the demand curves facing existing firms would shift to the left. C. the demand curves facing existing firms would become less elastic. D. losses would necessarily occur.
B
Refer to the diagram, which shows the market for U.S. health care. Other things equal, which of the following would shift the demand curve for medical care from D1 to D2? A. higher copayments and deductibles in insurance policies B. an aging population C. cutbacks in the government's Medicaid program D. restrictions by firms on the eligibility of part-time workers for medical benefits
B
Social insurance is distinguished from public assistance, or welfare, by the fact that A. all social insurance benefits are paid in cash, while all public assistance benefits are paid in kind (food, housing, medical care). B. an individual acquires a right to social insurance benefits by meeting objective eligibility criteria, while public assistance benefits are determined according to individual need. C. the total amount paid in benefits is much larger in the public assistance programs than in the social insurance programs. D. payroll taxes are used to finance public assistance programs, while general revenues are used to finance social insurance programs.
B
The demand curve confronting a non-discriminating pure monopolist is A. horizontal. B. the same as the industry's demand curve. C. more elastic than the demand curve confronting a competitive firm. D. derived by vertically summing the individual demand curves for the buyers.
B
The firm described in the accompanying diagram is selling in A. a market in which there are an extremely large number of other firms producing the same product. B. an imperfectly competitive market. C. a market in which demand is elastic at all prices. D. a purely competitive market.
B
The price elasticity of demand for health care is such that an increase in the price of health care will A. decrease total health care expenditures. B. increase total health care expenditures. C. shift the demand for health care rightward. D. shift the demand for health care leftward.
B
When economists say that health care services are overconsumed, they mean that A. rich people buy too much health care and poor people buy too little. B. some resources now used in the health care industry could produce alternative goods and services that society values more highly. C. health care is being purchased in amounts such that marginal benefits exceed marginal costs. D. the price of health care is below equilibrium so that quantity demanded exceeds quantity supplied.
B
Which of the following is not a basic characteristic of monopolistic competition? A. the use of trademarks and brand names B. recognized mutual interdependence C. product differentiation D. a relatively large number of sellers
B
A monopolist sells 6 units of a product per day at a unit price of $15. If it lowers the price to $14, its total revenue increases by $22. This implies that its sales quantity increases by A. 4 units per day. B. 3 units per day. C. 2 units per day. D. 1 unit per day.
C
A significant difference between a monopolistically competitive firm and a purely competitive firm is that the A. former has fewer barriers to entry into the industry. B. latter recognizes that price must be reduced to sell more output. C. latter's demand curve is perfectly elastic. D. latter differentiates its product.
C
As a general rule, oligopoly exists when the four-firm concentration ratio A. equals the Herfindahl index. B. yields a Herfindahl index below 500. C. is 40 percent or more. D. is 50 percent or more.
C
Discrimination A. affects the distribution of domestic output and income but not its total size. B. is shown as some point outside of an economy's production possibilities curve. C. places the economy at some point inside of its production possibilities curve. D. affects the total size of domestic output and income but not its distribution.
C
Firm Market Share(%) A 40 B 30 C 20 D 5 E 5 This industry shown in this table illustrates A. pure competition. B. monopolistic competition. C oligopoly. D. pure monopoly.
C
For a pure monopolist, the relationship between total revenue and marginal revenue is such that A. marginal revenue is positive when total revenue is at a maximum. B. total revenue is positive when marginal revenue is increasing, but total revenue becomes negative when marginal revenue is decreasing. C. marginal revenue is positive when total revenue is increasing, but marginal revenue becomes negative when total revenue is decreasing. D. marginal revenue is positive so long as total revenue is positive.
C
For a pure non-discriminating monopolist, marginal revenue is less than price because A. the monopolist's demand curve is perfectly elastic. B. the monopolist's demand curve is perfectly inelastic. C. when a monopolist lowers price to sell more output, the lower price applies to all units sold. D. the monopolist's total revenue curve is linear and slopes upward to the right.
C
For which market model can we not assume a homogeneous product? A. pure competition B. pure monopoly C. monopolistic competition D. oligopoly
C
Forestry companies typically harvest and replant an area when trees are A. very young and growing slowly. B. middle aged and growing rapidly. C. near the end of their rapid-growth period. D. extremely old and about to die anyway.
C
Given the oligopolistic firm pictured in the graph, what is the profit-maximizing price? A. P1 B. P2 C. P4 D. 0
C
If a law firm prefers to hire men over women because the firm has found men to be more productive, on average, then the firm is practicing A. wage discrimination. B. reverse discrimination. C. statistical discrimination. D. human-capital discrimination.
C
If a nondiscriminating imperfectly competitive firm is selling its 100th unit of output for $35, its marginal revenue A. may be either greater or less than $35. B. will also be $35. C. will be less than $35. D. will be greater than $35.
C
If oligopolistic firms facing similar cost and demand conditions successfully collude, price and output results in this industry will be most accurately predicted by which of the following models? A. the kinked demand curve model of oligopoly B. the price-leadership model of oligopoly C. the pure monopoly model D. the monopolistic competition model
C
In a labor market generally biased against Hispanics, a reduction in the collective discrimination coefficients of employers will A. reduce the Hispanic wage rate, increase Hispanic employment, and lower the actual Hispanic-white wage ratio. B. reduce the Hispanic wage rate, decrease Hispanic employment, and lower the actual Hispanic-white wage ratio. C. increase the Hispanic wage rate, increase Hispanic employment, and increase the actual Hispanic-white wage ratio. D. increase the Hispanic wage rate, reduce Hispanic employment, and increase the actual Hispanic-white wage ratio.
C
In monopolistic competition, which of the following would make an individual firm's demand curve less elastic? A. the purchase of more efficient machinery B. an increase in the price of the firm's product C. increased brand loyalty toward the firm's product D. an increase in the number of rival firms
C
Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each. Kara's cost per ton is $8; Kyle's cost per ton is $12. If the market price of sockeye salmon is $15 per ton, and Kara and Kyle both catch their quota, their combined profit will be A. $6,000. B. $14,000. C. $20,000. D. $30,000.
C
Matt fishes for tuna at a cost of $4 per ton. John fishes at a cost of $6 per ton. Each has a 1,000-ton ITQ. The current market price is $8 per ton. What amount could Matt pay John to induce him to sell his ITQ? A. $1,000 B. $2,000 C. $3,000 D. It would not be profitable for Matt to buy John's ITQ.
C
Monopolistic competition means A. a market situation where competition is based entirely on product differentiation and advertising. B. a large number of firms producing a standardized or homogeneous product. C. many firms producing differentiated products. D. a few firms producing a standardized or homogeneous product.
C
Oligopoly is more difficult to analyze than other market models because A. the number of firms is so large that market behavior cannot be accurately predicted. B. the marginal cost and marginal revenue curves of an oligopolist play no part in the determination of equilibrium price and quantity. C. of mutual interdependence and the fact that oligopoly outcomes are less certain than in other market models. D. unlike the firms of other market models, it cannot be assumed that oligopolists are profit maximizers.
C
On the graph, if the oligopolist's MC curve shifts from MC1 to MC2, the firm will charge A. a higher price than before and total revenue will increase. B. the same price as before and sell more output; total revenue will increase. C. the same price as before and sell the same amount of output; total revenue will remain the same. D. a higher price than before and sell less output; it can't be determined whether total revenue will change.
C
Output Price Total cost 0 $500 $250 1 300 260 2 250 290 3 200 350 4 150 500 5 100 680 Refer to the demand and cost data for a pure monopolist given in the table. A non-discriminating monopolist would earn maximum profits of $600. $500. $250. $100.
C
People's incomes are relatively low when they are young, reach a peak in middle age, and then decline. This fact helps explain A. the wide variations of Gini ratios among nations. B. the equality-efficiency trade-off. C. why the lifetime distribution of income is more equal than the distribution in any given year. D. why the lifetime distribution of income is less equal than the distribution in any given year.
C
Profit-maximizing extraction companies will attempt to A. extract resources as quickly as possible. B. delay extraction as long as possible. C. find rates of extraction that maximize the flow of profits over time. D. extract resources at a constant rate every year to minimize price fluctuations.
C
Refer to the above graph of a representative firm in monopolistic competition. If curve (2) represents ATC and line (3) represents demand, then curve (1) and line (4) would be A. MC and TR, respectively. B. AVC and MR, respectively. C. MC and MR, respectively. D. TC and TR, respectively.
C
Refer to the demand and supply diagram, which relates to the health care market. If suppliers provide the quantity of health care demanded and insurance pays one-half of the equilibrium price of the health care good or service depicted, the immediate price to the consumer and the quantity of health care consumed would be best represented by A. P1 and Q1. B. P1 and Q2. C. P2 and Q2. D. P2 and Q1.
C
Resource demand has grown over time A. because of population growth only. B. because of increased consumption per person only. C. because of both increased population and greater consumption per person. D. despite decreases in population and consumption per person.
C
The Lorenz curve A. plots graphically the poverty rate over time. B. is located closer to the diagonal today than it was in 1975. C. plots graphically the distribution of income. D. is located farther from the diagonal when income is defined to include the value of noncash transfers.
C
The exercise of market power by suppliers in resource markets tends to A. reduce income inequality, ensuring that all workers receive fair wages. B. have little impact on the distribution of income. C. increase income inequality by raising incomes of those able to "rig the market." D. increase income inequality but is offset by the exercise of market power in product markets.
C
The goal of product differentiation and advertising in monopolistic competition is to make A. the firm allocatively efficient even if it is not productively efficient. B. the firm productively efficient even if it is not allocatively efficient. C. price less of a factor and product differences more of a factor in consumer purchases. D. price more of a factor and product differences less of a factor in consumer purchases.
C
The long-run equilibrium position of the monopolistically competitive firm occurs at a point where average costs are A. constant. B. increasing. C. decreasing. D. at their minimum point.
C
The long-run fall of commodity prices implies that commodity supplies have grown A. faster than the rate of productivity in the economy. B. more slowly than total resource consumption. C. faster than total resource consumption. D. more slowly than the inflation rate.
C
When compared with the purely competitive industry with identical costs of production, a monopolist will produce A. more output and charge the same price. B. more output and charge a higher price. C. less output and charge a higher price. D. less output and charge the same price.
C
Which of the following policies has succeeded in reducing fishery catch sizes? A. limiting the length of the catch season B. limiting the number of boats allowed in a given area C. limiting catch size (TAC) D. All of the other possible answers are correct.
C
Which one of the following is a correct description of the relationship between the price of oil and the production of alternative energy sources? A. As the price of oil falls, the production of alternative energy sources rises. B. As the price of oil rises, the production of alternative energy sources falls. C. As the price of oil rises, the production of alternative energy sources rises. D. As the price of oil falls, the production of alternative energy sources stays the same.
C
A dilemma of regulation is that A. the regulated price that achieves allocative efficiency is also likely to result in persistent economic profits. B. the regulated price that results in a "fair return" restricts output by more than would unregulated monopoly. C. regulated pricing always conflicts with the "due process" provision of the Constitution. D. the regulated price that achieves allocative efficiency is also likely to result in losses.
D
A prediction from the kinked demand curve model of oligopoly is that, for an individual firm, small changes in A. demand will lead to changes in price or output. B. marginal revenue will lead to changes in price and output. C. marginal cost will lead to changes in price and output. D. marginal cost will not lead to changes in price or output.
D
Alternative fuels become more economically viable as A. the demand for oil decreases. B. subsidies for alternative fuels are removed. C. oil exploration and drilling technology improve. D. the price of oil rises.
D
Collusive control over price may permit oligopolists to A. use new technology, achieve economies of scale, and get government subsidies. B. achieve economies of scale, reduce costs, and prevent price cheating. C. increase product demand, increase product supply, and lower cost. D. reduce uncertainty, increase profits, and possibly limit entry of new firms.
D
Firm Market Share (%) A 20 B 20 C 20 D 20 E 10 F 10 Refer to the data. Suppose that firms A and F merged into a single firm. The four-firm concentration ratio and the Herfindahl index would be A. 90 percent and 2,100, respectively. B. 80 percent and 2,100, respectively. C. 100 percent and 2,200, respectively. D. 90 percent and 2,200, respectively.
D
If an oligopolist's demand curve has a "kink" in it, then over some interval, A. the oligopolist's marginal cost curve will have a break in it. B. the oligopolist need not fear entry into the industry by new firms. C. the oligopolist's competitors will not react to its price changes, either up or down. D. changes in marginal cost will not cause a change in the profit-maximizing price.
D
In which market model is there mutual interdependence? A. monopolistic competition B. pure competition C. pure monopoly D. oligopoly
D
In which of these continuums of degrees of competition (highest to lowest) is monopolistic competition properly placed? A. pure competition, oligopoly, pure monopoly, monopolistic competition B. oligopoly, pure competition, monopolistic competition, pure monopoly C. monopolistic competition, pure competition, pure monopoly, oligopoly D. pure competition, monopolistic competition, oligopoly, pure monopoly
D
Refer to the above graphs. A short-run equilibrium that would result in losses for a monopolistically competitive firm would be represented by graph A. B. C. D.
D
Refer to the diagram for a natural monopolist. If a regulatory commission set a maximum price of P1, the monopolist would produce output A. Q2 and realize a normal profit. B. Q4 and realize a normal profit. C. Q3 and realize an economic profit. D. Q4 and realize a loss.
D
Refer to the diagrams, which show identical marginal utility from income curves for Singer and Catalano. If a given income of $20,000 is initially distributed so that Singer receives $15,000 and Catalano $5,000, A. no judgment can be made as to the effect of a redistribution of income on total utility. B. this initial distribution of income is maximizing the combined total utility of the two consumers. C. the combined total utility of the two consumers can be increased by redistributing income from Catalano to Singer. D. the combined total utility of the two consumers can be increased by redistributing income from Singer to Catalano.
D
Secret conspiracies to fix prices are examples of A. cartels. B. price leadership. C. overt collusion. D. covert collusion.
D
The earned-income tax credit (EITC) is, in essence, A. a tax credit for corporate contributions to charity. B. a tax break for businesses that invest in community programs. C. an income payment to those individuals who are not able to work. D. a wage subsidy for low-income workers to offset Social Security taxes.
D
The goal of profit-maximizing extraction firms such as an oil company or a mining company is to extract resources A. as fast as possible. B. as slowly as possible. C. when the user costs are rising. D. for the greatest stream of profit over time.
D
The graph shows the extraction costs for TX Oil Company in the first year in a situation where it will extract oil from a reserve over two years. If user costs increase, then the total cost line will A. stay the same and the extraction cost line will shift upward. B. shift upward and the extraction cost line will shift downward. C. shift upward and the extraction cost line will shift upward. D. shift upward and the extraction cost line will stay the same.
D
The larger the Herfindahl index, the A. less the degree of import competition in an industry. B. greater the degree of import competition in an industry. C. less the degree of market power in an industry. D. greater the degree of market power in an industry.
D
Wealth A. is a flow concept. B. refers to accumulated financial assets only. C. refers to accumulated real assets only. D. refers to accumulated financial and real assets.
D
When a monopolistically competitive firm is in long-run equilibrium, A. P = MC = ATC. B. MR = MC and minimum ATC > P. C. MR > MC and P = minimum ATC. D. MR = MC and P > minimum ATC.
D
Which of the following is an example of statistical discrimination? A. An employer hires only white workers even though there are otherwise identical African-American workers available at lower pay. B. Female students in college business schools are overrepresented in human resource management courses and underrepresented in finance courses. C. A young woman who plans to work for only five to seven years after graduating college decides that getting an advanced degree "just won't pay off." D. A firm hires a man rather than a woman for a specific job because, on average, women have higher rates of absenteeism than do men.
D
Which of the following is not a possible source of natural monopoly? A. large-scale network effects B. simultaneous consumption C. greater use of specialized inputs D. rent-seeking behavior
D
