Early in 2011, the second largest natural gas producer in the country, Chesapeake, sold a big share of its wells and reserves to BHP, an Australian firm that was not in the US natural gas market before. This means that:

The opportunity cost of an option

When a law is passed that requires businesses to obtain permission from government officials in order to enter a market, this is an example of

How are natural monopolies typically regulated in the US?

In a hypothetical monopoly market, The demand equation is given as: P = 62 – 2QThe supply equation is given as: P = 20 + 3Q. 1) What is the monopoly market price?2) What is the consumer surplus?3) What is producer surplus? 4) What is the total wealth? 5) what is the Deadweight Loss relative to a perfectly competitive market? Please show all your work.

Suppose the prices of electricity falls sharply. Which of the following would most likely occur as the result of the lower prices of electricity?

Which statement about price discrimination is correct?

Which of the following factors is most likely to restrict the entry of potential competitors into a market?

You produce goods in a perfectly competitive market. You discover that the marginal cost of the last good you produced is above the market price for the good. You should:

Market Power is defined as: