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serious [3.7K]
3 years ago
12

A monopoly, unlike a perfectly competitive firm, has some market power. Thus, it can raise its price, within limits, without qua

ntity demanded falling to zero. The main way monopolies retain their market power is through barriers to entry, which prevent other companies from entering monopolized markets and competing for customers. Consider the market for tanzanite. The mines for this blue-purple gemstone, found only in Tanzania, are owned by the local government. Given that no one is allowed into the mines without government permission, the market structure for tanzanite highly resembles that of a monopoly. Which of the following best explains the barriers to entry that exist in this scenario?
A. Exclusive ownership of a necessary resource
B. Legal barriers
C. Increasing returns to scale
Business
1 answer:
Gnom [1K]3 years ago
3 0

Answer:

Option A and B        

Explanation:

No other nation can get into the market of this business as the resource is found only in Tanzania. This depicts that Tanzanian government have the ultimate power in this market as they are the sole owners of the resource, thus its has exclusive rights barriers externally.

However, internally Tanzania has legal barriers as no private firm or oterh such entity can get into the extraction of the gems without the permission from the government.

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Answer:

the heat capacity of the bolt is 13.9 J/K

Explanation:

J/K is short of " joule per kelvin", is the international system unit of heat capacity

heat energy = (mass of substance)(specific heat)(change in temperature)

Q = mc∆T

Q = heat energy (Joules, J)

m = mass of a substance (kg)

c = specific heat (units J/kg∙K)

∆ is a symbol meaning "the change in"

∆T = change in temperature (Kelvins, K)

Heat gained by water = heat lost by copper  = Q = mC∆T = (50 g)(4.18 J/g/deg)(5 deg) = 1045 J   = C x ∆T

C = 1045 J/75 = 13.9 J/deg

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Explanation:

Utility can be defined as any satisfaction or benefits a customer derives from the use of a product or service.

Thus, any satisfaction or benefits a customer derives from the use of a product or service is generally referred to as a utility.

In Economics, The law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.

A marginal seller refers to an individual or business firm that is most willing to sell his or her goods and services at a price that is typically equal to their economic cost while forfeiting producer surplus.

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