Natural monopolies - Study guides, Class notes & Summaries

Select the correct location on the graph. Indicate the point where a monopoly will set its price. Select the dot on the blue line, ABOVE the dot where marginal cost = marginal revenue. GoGo Gas and Fab Fuel are among the few large producers of gasoline in the country. Along with other large producers, they have formed a formal organization to control the output and price of gasoline in that country. What is such an organization called? cartel Which statement is false? A. A mo...

Which of the following dimensions of a business that embodies the values, attitudes, customs, and beliefs shared by groups of people? correct answers The social environment In the context of the history of American business, which of the following statements is true of the marketing era? correct answers The balance of power shifted away from producers and towards consumers In the context of a business environment, computers, telecommunications, and other digital tools are considered to be ...

In a competitive market, no single producer can influence the market price because - correct answer many other sellers are offering a product that is essentially identical If Bradley's Butcher Shop sells its product in a competitive market, then - correct answer Bradley's Butcher Shop's total revenue must be proportional to its quantity of output LML sells butter to a broker in Alber Lea, Minnesota. Because the ma...

WGU D080 UNITS 3-6 - Study Guide Questions (GLOBAL) How do monopolies hurt consumers? -lack of economic competition, corporations have the ability to raise the market price without losing customers to competition. _________________ are statutes developed by governments to protect consumers from predatory business practices and ensure fair competition. -anti-trust laws A farmers market has many vendors and consumers who all sell and buy the same produce at the same price. Which type o...

ECON 251 Exam 2 Purdue Latest Version 100% Pass Budget Lines Line describing the limits to consumtion possibilities Budget line equation Income= (price of good x)(quantity of good x) + (price of good y)(quantity of good y) Utility Unit of happiness Marginal utility Additional utility of one more unit Marginal utility equation (Change in utility)/(change in quantity) Consumer equilibrium Maximizes utility Consumer equilibrium equation (Mu of x)/(P of x= (Mu of y)/(P of y) (big chart w q, u,...

Progressive movement - Reform movements at turn of 20th century through WW1 sought to improve life in industrial age --> through action by government. improve democracy and limit power of corporations. Directly caused by industrialization and urbanization. Progressive reformers - protect social welfare moral improvement efficiency creating economic reform muckrakers - Theodore Roosevelt term for people that wrote about corruption Clayton Antitrust Act - Attempt to improve Sherman Anti...

Gilded Age Coined by mark twain On the surface things appeared to be good, but many problems lied underneath What did political debates of the gilded age focus on? Tariffs Currency Corporate expansion (monopolies and trusts) What did US encourage post civil war? Westward expansiom About the encouragement of western expansion Subsidies to RR Cheap land for Americans Led to conflicts with Natives Treaties were violated Near extinction of buffalo Dawes Act So...

The gilded age Mark Twain's term for the post-civil war era that was critical of the commonplace corruption. Credit mobilier scandal Union Pacific Railroad insiders formed a construction company and then hired themselves at inflated prices to build the railroad line, earning high dividends. When it was found out that government officials were paid stay quiet about the illicit business, some officials were censured. Tammany hall/Boss Tweed NYC's powerful democratic political machin...

How do monopolies hurt consumers? correct answer: lack of economic competition, corporations have the ability to raise the market price without losing customers to competition. _________________ are statutes developed by governments to protect consumers from predatory business practices and ensure fair competition. correct answer: anti-trust laws A farmers market has many vendors and consumers who all sell and buy the same produce at the same price. Which type of market is represented? ...

American Government CLEP Exam Questions With 100% Correct Answers Federalism - answerA system in which the power to govern is shared between national and state governments Dual / Layer Cake Federalism - answerA system in which national and state governments are competitors with distinct powers. This system was prominent in the US from the during the 19th century until 1937. Cooperative / Marble Cake Federalism - answerA system in which national and state government have shared or overlap...