Why do natural monopolies exist?

Why do natural monopolies exist? In essence natural monopolies exist because of economies of scale and economies of scope which are significant relative to market demand. Because productive efficiency requires that only one firm exist, natural monopolies are typically subject to government regulation. What are some of the benefits of a natural monopoly? 8 Benefits […]

Who invented chiaroscuro technique?

Who invented chiaroscuro technique? Lucas Cranach the Elder What artists used chiaroscuro? Artists who are famed for the use of chiaroscuro include Leonardo da Vinci and Caravaggio. Leonardo employed it to give a vivid impression of the three-dimensionality of his figures, while Caravaggio used such contrasts for the sake of drama. Both artists were also […]

What is an ICS single resource?

What is an ICS single resource? Single Resource: An individual, a piece of equipment and its personnel complement, or a crew or team of individuals with an identified work Supervisor that can be used on an incident. What type of command structure may be used for managing an incident with the incident crosses political boundaries […]

Why economic models are useful?

Why economic models are useful? Economists use models as the primary tool for explaining or making predictions about economic issues and problems. For example, an economist might try to explain what caused the Great Recession in 2008, or she might try to predict how a personal income tax cut would affect automobile purchases. What is […]

Who opposed the Second Bank of the United States?

Who opposed the Second Bank of the United States? Supporters of Biddle’s bank outnumbered detractors: 128,117 people signed memorials to save the bank as opposed to 17,027 who signed memorials opposing the bank. Why did the Whigs support the National Bank? The Whig Party was formed during the 1830s by the union of diverse factions […]

How will you describe the economic institution?

How will you describe the economic institution? The term “Economic Institutions” refers to two things: Specific agencies or foundations, both government and private, devoted to collecting or studying economic data, or commissioned with the job of supplying a good or service that is important to the economy of a country. What are the different types […]

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