Question : 21) Which of the following would create a natural monopoly? A) : 1226233

21) Which of the following would create a natural monopoly?

A) ownership of all the available units of a necessary input

B) an exclusive right granted to supply a good or service

C) requirement of a government license before the firm can sell the good or service

D) technology enabling a single firm to produce at a lower average total cost than two or more firms

E) a patent granted the producer of the good or service

22) If the technology for producing a good enables one firm to meet the entire market demand at a lower average total cost than two or more firms could, then that firm has

A) patented the market.

B) a natural monopoly.

C) increasing average total costs.

D) a legal barrier to entry.

E) a discriminatory monopoly.

23) For a natural monopoly, economies of scale

A) exist along the long-run average cost curve at least until it crosses the market demand curve.

B) and diseconomies of scale exist along the long-run average cost curve at least until it crosses the market demand curve.

C) lead to a legal barrier to entry.

D) as well as constant returns to scale and diseconomies of scale exist along the long-run average cost curve at least until it crosses the market demand curve.

E) are totally absent.

24) A natural monopoly arises when

A) one firm controls the supply of a unique resource.

B) a firm has many small firms that it can control.

C) there are firms which act together as a monopoly.

D) the long-run average cost curve slopes downward as it crosses the demand curve.

E) one firm naturally convinces the government to limit competition in the market.

25) A natural monopoly’s average cost curve

i.intersects the demand curve while the average cost curve slopes downward.

ii.reaches its minimum before it intersects the demand curve.

iii.intersects the demand curve below the intersection of the marginal cost curve and the demand curve.

A) i only.

B) ii only.

C) iii only.

D) i and iii.

E) i, ii, and iii.

26) The long-run average cost curve of a natural monopoly

A) is positively sloped until it crosses the demand curve.

B) intersects the demand curve while it is negative sloped.

C) intersects the demand curve while it is positively sloped.

D) is the natural monopoly’s supply curve.

E) is the same as the natural monopoly’s demand curve.

27) Which of the following is an example of a natural monopoly?

A) the Pittsburgh Penguins hockey team, a National Hockey League team

B) Ford Motors, the large automobile producing company

C) Florida Power and Light, an electric utility in Florida

D) Sony, the Japanese producer of the Playstation III

E) JCPenney, the large department store chain

28) Which of the following is an example of a natural monopoly?

A) the trademark protecting Gatorade

B) the talents of Tom Hanks

C) the local water company

D) the patent on an Intel processor

E) Debeers’ ownership of a large fraction of the world’s diamonds

29) Which of the following goods is the best example of a natural monopoly?

A) distribution of electricity

B) diamonds

C) first-class mail

D) a patented good

E) blouses

30) Which of the following is the best example of a natural monopoly?

A) ownership of the only ferry across Puget Sound for twenty miles

B) the United States Postal Service

C) the cable television company in your hometown

D) owning the only licensed taxicab in town

E) producing a patented drug

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July 1, 2023

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.