A natural monopoly is: 1. An industry that is dominated by a single firm. 2. An industry in which one firm can achieve economies of scale over the entire range of market supply. 3. An unregulated monopoly. 4. A monopoly that always benefits society even when it is unregulated.

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

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Teatro restoration, inc., begins renovating an old theater for urban edge productions, but after three months teatro demands an extra $250,000. urban edge agrees to pay. refer to fact pattern 13–4. if teatro says it is asking for the extra $250,000 because it has encountered extraordinary unforeseen difficulties that will add considerable cost to the project, the agreement is