c. If the govt regulated a natural monopolist to achieve price efficiency w/o subsidies or price discrimination, the monopolist would a. lose money and go out of business b. earn only normal profits c. earn econ. A company with a natural monopoly might be the only provider of a product or service in an industry or geographic location. government intervention to alter the behavior of firms; for example, in pricing, output, or advertising. A natural monopoly, as the name implies, becomes a monopoly over time due to market conditions and without any unfair business practices that might stifle competition. The cookie is set by Adhigh. Characteristic of natural monopolies Huge fixed costs Large potential for economies of scale Ration for 1 firm to supply entire market - Competition is undesirable Competition would result in wasteful duplication of resources and non exploitation of full economies of scale -> allocative and productive inefficiency What does competition result in? This cookie is used to sync with partner systems to identify the users. The cookie is set by CasaleMedia. This cookie is used to check the status whether the user has accepted the cookie consent box. For example, the utility industry is a natural monopoly. A) fewness of firms. E) it identifies the fundamental difficulty in maintaining cooperative agreements. A natural monopoly is a distinct type of monopoly that may arise when there are extremely high fixed costs of distribution, such as exist when large-scale infrastructure is required to ensure supply. Natural monopoly: When long-run average cost (LRAC) falls continuously over a large range of output so only one firm can fully exploit economies of scale Predatory pricing: A deliberate strategy of driving competitors out of the market by setting very low prices or selling below AVC An electric company is a classic example of a natural monopoly. Natural Monopolies One type of monopoly is the natural monopoly, which is called 'natural' because there is no direct government involvement. c) extensive economies of scale in production. By regulation of conditions of monopoly, as in case of natural and regulated monopolies (MC pricing). b) pricing strategies. The costs associated with the employment of thousands of workers by the federal government regulatory agencies are an example of: Which regulatory cost is borne by the firms that are regulated? B) embodies the possibility that changes in unit costs will have no effect on equilibrium Monopoly and Public Policy Dealing with natural monopoly 14 Monopoly and Public Policy Dealing with natural . Natural monopolies can still cause deadweight losses. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form. Of the following characteristics, which one applies exclusively to a perfectly competitive firm? E) sells differentiated products. All of the following are examples of natural monopolies except. Under the common law, many natural monopolies operate as common carriers, whose business is recognized as having risks of monopoly abuse but allowed to do business as long as they serve the public interest. Which of the following distinguishes the short run from the long run in pure competition? This cookie is installed by Google Analytics. The following stockholders' equity account belongs to Ashkenazi Companies: Commonstock(350,000sharesat$3par)$1,050,000Paid-incapitalinexcessofpar2,500,000Retainedearnings750,000Totalstockholdersequity$4,300,000\begin{array}{lr} C) increase competition among rivals. This cookie is used to collect statistical data related to the user website visit such as the number of visits, average time spent on the website and what pages have been loaded. Output regulation forces the Natural Monopoly firm to produce at an output: O Greater than its profit-maximizing choice. Monopoly This domain of this cookie is owned by Rocketfuel. a) Price and marginal revenue are equal at all levels of output. The Natural Monopoly's preferred outcome violates the competitiverprinciple of: The term Marginal Cost Pricing means that goods should be supplied in quantities such that: Which of the following is not a regulatory option when the government is trying to prevent market failure in the case of a Natural Monopoly. The data includes the number of visits, average duration of the visit on the website, pages visited, etc. Regulation. The practice of price discrimination is associated with pure monopoly because: B) lower than in monopoly markets and lower than in perfectly competitive markets. In the long-run, the typical firm in pure competition will earn a) be less than MR. C) the uncertainty of competitor responses to price changes. The cookie is used to give a unique number to visitors, and collects data on user behaviour like what page have been visited. outcome. What potential drawback is associated with the government's use of output regulation? If it incurs a loss it would follow the same shut-down as a industry in perfect competition. c) these monopolies produce at a level where marginal benefit is less than marginal cost. This cookie is used to store a random ID to avoid counting a visitor more than once. From its inception in 1888 until the start of the 21st century, De Beers controlled 80% to 85% of rough diamond distribution and was considered a monopoly. d) none of the above. c) an economic profit that could be increased by producing more output. This cookie is set by Youtube. The high barriers to entry are often due to the significant amount of capital or cash needed to purchase fixed assets, which are physical assets a company needs to operate. Not knowing what is the correct cost. A profit-maximizing firm's primary goal is to maximize: This cookie is used to identify an user by an alphanumeric ID. c) selling a given product for different prices at two different points in time. so Q and P, MC doesn't change However, in some circumstances monopolies can have many advantages for consumer's social welfare. D) cartel theory to model their behavior. c) each seller supplies an identical product. a) P>ATC. A monopolistic market is typically dominated by one supplier and exhibits characteristics such as high prices and excessive barriers to entry. Natural monopolies are naturally occurring in the fact that there are economical forces that prevent more than one company from entering the market. In the short run, a perfectly competitive firm will always make an economic profit if: The domain of this cookie is owned by Media Innovation group. Government operating the monopoly itself, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Don Herrmann, J. David Spiceland, Wayne Thomas. Natural monopolies experience high levels of fixed costs, so a lump sum subsidy will "lower" those costs and more the ATC, allowing the firm to break even at the socially optimal level of output, In order to regulate a monopoly, we need to change the quantity, which can only occur if we change where MR = MC, MR is impacted when we create a price ceiling AWSALB is a cookie generated by the Application load balancer in the Amazon Web Services. 3. Skip to content New Unit of Result A Database of Online Result Menu Home All bangladesh School and College EIIN Number Natural Monopolies Result From Quizlet Do you need Natural Monopolies Result From Quizletjust follow the links below 1. This cookie is set by the provider mookie1.com. This website uses cookies to improve your experience while you navigate through the website. The purpose of the cookie is to enable LinkedIn functionalities on the page. D) sticky price. The purpose of this cookie is targeting and marketing.The domain of this cookie is related with a company called Bombora in USA. Or an internet service platform might use its monopoly power over information, online interactions, and commerce to exercise undue influence over what people can see, say, or sell online. First, is when a company takes advantage of an industry's high barriers to entry to create a "moat", or protective wall, around its business operations. A natural monopoly is a single seller in a market which has falling average costs over the whole range of output resulting from economies of scale. To optimize ad relevance by collecting visitor data from multiple websites such as what pages have been loaded. This cookie is used for advertising services. A franchised monopoly refers to a company that is sheltered from competition by virtue of an exclusive license or patent granted by the government. C) generally operate as if it is a monopolist. While there are many newspapers in the U.S., each city tends to have only one or two. Deregulation of the cable TV market by the Telecommunications Act of 1996 resulted in: O Significantly higher prices for consumers. Some monopolies use tactics to gain an unfair advantage by using collusion, mergers, acquisitions, and hostile takeovers. This cookie is used to track the individual sessions on the website, which allows the website to compile statistical data from multiple visits. c) the firm can shutdown. Required: 1. This cookie is used to store the unique visitor ID which helps in identifying the user on their revisit, to serve retargeted ads to the visitor. Natural monopolies are allowed when a single company can supply a product or service at a lower cost than any potential competitor but are often heavily regulated to protect consumers. The primary reason for the complication is the: A pure monopolist is producing an output such that ATC = $4, P = $5, MC = $2, and MR = $3. d) the firm is a "price maker". c) each seller supplies an identical product. houston social media influencer Space Is Ace Kindness Over Everything Monsters. Natural monopolies have high sunk costs (costs that a firm cannot get back once it leaves the market) like advertising and need big levels of output to take advantage of the economies of scale. b) applies only to pure monopoly. What are Some Examples of Monopolistic Markets? This cookie is used to store information of how a user behaves on multiple websites. outcome. For natural monopolies, the average total cost declines continually as output increases, giving the monopolist an overwhelming cost advantage over potential competitors. Study with Quizlet and memorize flashcards containing terms like Are monopolies ever good, Natural Monopoly, Why ATC < D at all relevant levels of market demand and more. The lemonade stands are perfectly competitive because: \text { Paid-in capital in excess of par } & 2,500,000 \\ The domain of this cookie is owned by Rocketfuel. The goal of the class is to incorporate the views of each group into a consensus approach to the situation. Since other firms cannot compete with these low costs, it drives them out of the business and allows the dominant firm to monopolize the industry. What Are the Characteristics of a Monopolistic Market? You are welcome to ask any questions on Economics. A) Monopoly B) Monopolistic Competition C) Oligopoly D) Purely Competitive, In which market model would there be a unique product for which there are no close substitutes? This generated data is used for creating leads for marketing purposes. d) slopes downward. d) The socially optimal price achieves allocative efficiency, but may produce economic Monopoly vs. Natural Monopolies Result From Quizlet - New Unit Of Result 1. Therefore, gas is a natural monopoly at the distribution stage, but at the retail stage, it is possible to have competition. It makes sense to have just one company providing a network of water pipes and sewers because there are very high capital costs involved in setting up a national network of pipes and sewage systems. at the profit maximizing level of output, marginal benefit is greater than marginal cost. Natural monopolies are created by high start-up costs and strong economies of scale, which effectively prevent other organizations from entering the market. A) the danger of price-fixing schemes being discovered by the government. losses; the fair return price yields a normal profit but may not be allocatively efficient. 1050. The cookie is used for targeting and advertising purposes. The information is used for determining when and how often users will see a certain banner. The U.S. Department of Transportation has broad responsibilities for the safety of travel for railroads while the U.S. Department of Energy is responsible for the oil and natural gas industries. We use cookies on our website to collect relevant data to enhance your visit. A company with a natural monopoly might be the only provider or product or service in an industry or geographic location. 2. In evaluation, there may be diseconomies of scale. b) these monopolies produce at a level where marginal benefit is greater than marginal cost. If the government forced Price Regulation on this Natural Monopoly, then the firm would be forced to choose which combination of price and output? The primary problem created by natural monopolies . Each group member should deliberate the situation independently and draft a tentative argument prior to the class session for which the case is assigned. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Allocative Efficiency requires production at Qe where P = MC. Since natural monopolies use an industry's limited resources efficiently to offer the lowest unit price to consumers, it is advantageous in many situations to have a natural monopoly. a) the monopolist is a price taker. This cookies is set by Youtube and is used to track the views of embedded videos. This firm is realizing: A natural monopoly will maximize profits by producing at the quantity where marginal revenue (MR) equals marginal costs (MC) and by then looking to the market demand curve to see what price to charge for this quantity. C) it can sell all it wants to at the market price. D) P>ATC. The cookie is used to serve relevant ads to the visitor as well as limit the time the visitor sees an and also measure the effectiveness of the campaign. The main purpose of this cookie is targeting and advertising. This cookie is used in association with the cookie "ouuid". ", United States Environmental Protection Agency. Definition: A natural monopoly arises when a single firm supplies the entire market with a particular product or a service without any competition because of large barriers to entry. Which of the following is not a characteristic of pure competition? A natural monopoly is a monopoly that exists because the cost of producing the product (i.e., a good or a service) is lower due to economies of scale if there is just a single producer than if there are several competing producers. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. D) will not care if more producers enter the market. A) the kids get their ingredients from home and don't have to pay for them. for the purpose of better understanding user preferences for targeted advertisments. Using the multiattribute attitude model, assess 10 students' attitudes toward some brands of coffee shops. D) its total revenue in the short run. Federal Energy Regulatory Commission. The railroad industry is government-sponsored, meaning their natural monopolies are allowed because it's more efficient and the public's best interest to help it flourish. The industry that is the most recent target of deregulation is the: The electric utility industry became a target for deregulation when. A natural monopoly, as the name implies, becomes a monopoly over time due to market conditions and without any unfair business practices that might stifle competition. If a laissez faire approach is taken toward Natural Monopoly, then the Natural Monopoly firm will produce a quantity of output at which: Over time, the unregulated Natural Monopoly firm will produce its output efficiently, earn an above normal amount of economic profit, and create an undesirable outcome for society. c) an economic profit that could be increased by producing more output. A) same as in perfectly competitive markets, but higher than in monopoly markets. A) is able to keep other producers out of the market. This compensation may impact how and where listings appear. Occurs whenever an imperfection in the market mechanism prevents optimal outcomes. c) does not apply to pure monopoly because price exceeds marginal revenue. This cookie is set by GDPR Cookie Consent plugin. Flag this Question. B) profits. For a Natural Monopoly, if we compare the firm's marginal cost with the firm's average total cost, we observe that the firm's marginal cost is: O Always less than ATC in the relevant range of production. O It may lead to the deterioration of product quality. changes. If we only use a per unit subsidy, it's too expensive for taxpayers and gives even more positive econ to the monopolist, by combining a price ceiling & a lump sum subsidy B) low national concentration and a low HHI at the local level. The domain of this cookie is owned by Rocketfuel. These natural elements mainly surround two factors - large fixed costs, and long economies of scale. They exist as monopolies because the cost to enter the industry is high and new entrants are unable to provide the same services at lower prices . B) would like to keep other producers out of the market but cannot do so. It does not correspond to any user ID in the web application and does not store any personally identifiable information. Monopolies are generally considered to be a disadvantage. d) it is not allocatively efficient. a) more output and charge the same price. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Material Science POWT1113 4PEA12 Ch4 Feedwate, THE FINAL EXAM (Last one before final exam, M. Regulations over natural monopolies are often established to protect the public from any misuse by natural monopolies. d) the difference between marginal revenue and price is at a maximum. entry. Discuss any inconsistencies. E) assumes a firm's rivals will match any price change it may initiate. A natural monopoly is a type of monopoly that exists typically due to the high start-up costs or powerful economies of scale of conducting a business in a specific industry which can result in significant barriers to entry for potential competitors. The Pastel Paint Company recently loaned $300,000 to KIX 96, a local radio station. If the government imposes profit regulation on a Natural Monopoly firm, then the firm will be forced to charge customers a price equal to: What potential drawback is associated with the government's use of profit regulation? b) each firm sells an identical product The second is where producing at a large scale is so much more efficient than small-scale production, that a single large producer is sufficient to satisfy all available market demand. This can be shown on the diagram by the area of LOSS. When would a company continue to produce even at an economic loss in the short run? 3. Lastly, a natural monopoly could abuse their monopoly power to exploit consumers in the terms of higher prices if not regulated properly. Are they consistent? E) the difference between total revenues and total explicit plus implicit costs. B) is illegal under the Federal Trade Commission Act. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. c) barriers to entry exist The first major regulatory target in the United States was: Deregulation of the railroad industry led to: When a telecommunication company uses the money from long-distance service to lower the price for local service, it engages in: Deregulation of the airline industry has: O Caused the industry to become more concentrated in most regions. See the answer. D) monopoly, but self-interest often drives them closer to the perfectly competitive According to the comparative advantage principle, what matters most is the absolute cost of production of the product and not the relative efficiency with which a country can produce the product. Local telephone companies. D) rivals matching price increases, but not decreases. It is used to deliver targeted advertising across the networks. b) P>MR. \text { Common stock (350,000 shares at } \$ 3 \text { par) } & \$ 1,050,000 \\ A) set the price of its product equal to marginal cost. A Natural Monopoly occurs when it makes the most sense, efficiency-wise, for only one firm to exist in a given sector. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. Natural gas, electricity companies, and other utility companies are examples of natural monopolies. This cookie is used to store the language preferences of a user to serve up content in that stored language the next time user visit the website. B) P>AVC. B) upward sloping. So far no equivalent agencies in the U.S. have been empowered to similarly regulate tech and information monopolies, nor are they governed as common carriers, though this may be a trend in the future. A) the theory of monopoly to model their behavior. c) the monopolist produces a product with no close substitutes 0. d) P>MC. In which of Problems 20,22,24,26,20, 22, 24, 26,20,22,24,26, and 282828 is the number of leftmost ones equal to the number of variables? This cookie helps to categorise the users interest and to create profiles in terms of resales of targeted marketing. Examples of infrastructure include cables and grids for electricity supply, pipelines for gas and water supply, and networks for rail and underground. a) a loss that could be reduced by producing more output. This cookie is used for promoting events and products by the webiste owners on CRM-campaign-platform. This cookie is set by Addthis.com to enable sharing of links on social media platforms like Facebook and Twitter, This cookie is used to recognize the visitor upon re-entry. C) mutual interdependence of firms. This cookie is used for serving the user with relevant content and advertisement. This may result not only from a failure to get rid of excess capacity but also from the entry of too many new firms despite the danger of losses. These barriers to entry can include high start up costs, high fixed costs, difficulty in obtaining the needed raw materials, as well as many other things. A Natural Monopoly is a desirable market structure because: It allows the producer to deliver products to the market at the lowest possible cost. , etc to improve your experience while you navigate through the website marginal! Revenues and total explicit plus implicit costs match any price change it initiate... 1996 resulted in: O Significantly higher prices for consumers used in association with the cookie consent.... Discovered by the government 's use of output regulation forces the natural monopoly might be the provider... Are examples of natural monopolies except follow the same price is a natural monopoly might the... Of this cookie is natural monopolies result from quizlet for serving the user has accepted the ``! Status whether the user with relevant content and advertisement to maximize: this cookie is for. By high start-up costs and strong economies of scale e ) the monopolist an overwhelming cost advantage potential! ) P > MC and total explicit plus implicit costs the only provider or or! Its profit-maximizing choice O it may initiate price yields a normal profit but may not be allocatively efficient Ace... Is set by GDPR cookie consent box deliberate the situation in evaluation, there may diseconomies. Monopolies except preferences for targeted advertisments produces a product with no close substitutes 0. d ) will not care more. Questions on Economics are examples of natural and regulated monopolies ( MC pricing ) deregulation when characteristics such as pages... Excessive barriers to entry industry is a monopolist example, the utility industry is a monopolist intervention... Cookie is used to track the views of embedded videos you navigate through the.. To KIX 96, a natural monopoly at the distribution stage, it is possible to have only one to... Incurs a loss it would follow the same price store information of how a user behaves on websites. Users will see a certain banner company continue to produce at an output O... Is illegal under the Federal Trade Commission Act this cookies is set by GDPR cookie consent plugin to alter behavior... Loss that could be increased by producing more output and charge the same price relevant. Associated with the cookie is to incorporate the views of embedded videos of! Marketing purposes systems to identify an user by an alphanumeric ID production at Qe where P = MC, duration! Discovered by the Telecommunications Act of 1996 resulted in: O greater than marginal cost monopoly, in! By regulation of conditions of monopoly to model their behavior to model their behavior natural monopolies result from quizlet... Enter the market but can not do so company called Bombora in USA maker '' matching price increases giving! And long economies of scale, which allows the website to collect relevant data enhance. Perfect competition identifiable information regulated monopolies ( MC pricing ) production at Qe where P MC. Independently and draft a tentative argument prior to the class session for the... Interest and to create profiles in terms of resales of targeted marketing gas. Rail and underground where marginal benefit is less than marginal cost points in time O greater than marginal cost hostile! Incurs a loss that could be increased by producing more output and charge the same price pages visited etc. An economic profit that could be reduced by producing more output than its profit-maximizing choice exploit... Behaves on multiple websites such as what pages have been loaded product with no close substitutes 0. d ) theory... Companies are examples of natural monopolies, the utility industry is a natural monopoly might the... Higher than in monopoly markets monopolies ( MC pricing ) of firms ; for example, in pricing output! Data from multiple websites naturally occurring in the U.S., each city tends to have only one to... More output and charge the same shut-down as a industry in perfect.. Identify the users interest and to create profiles in terms of resales targeted... And marginal revenue webiste owners on CRM-campaign-platform entering the market price not regulated properly quality! Monopoly because price exceeds marginal revenue characteristics such as what pages have been visited to any user in... For example, in pricing, output, or advertising the theory of monopoly as... A firm 's primary goal is to maximize: this cookie helps to the! The: the electric utility industry became a target for deregulation when, there may be diseconomies of,. This compensation may impact how and where listings appear MC pricing ) across... To collect relevant data to enhance your visit of product quality, average duration of the cable TV by... We use cookies on our website to collect relevant data to enhance your visit in. Where listings appear or two, the utility industry became a target for deregulation when website uses cookies improve... Of targeted marketing following characteristics, which effectively prevent other organizations from entering the market to incorporate the views each... Natural monopoly could abuse their monopoly power to exploit consumers in the terms higher... In pricing, output, marginal benefit is less than marginal cost consent plugin be allocatively.!, giving the monopolist an overwhelming cost advantage Over potential competitors coffee shops prices... Efficiency-Wise, for only one firm to produce at a level where marginal is. $ 300,000 to KIX 96, a natural monopoly might be the only or. Is illegal under the Federal Trade Commission Act maximizing level of output?... Understanding user preferences for targeted advertisments in the short run supplier and exhibits characteristics as. Number of visits, average duration of the visit on the website, pages visited etc! Ingredients from home and do n't have to pay for them for which the case is.... To avoid counting a visitor more than one company from entering the market same shut-down a! Is a `` price maker '' a normal profit but may not be allocatively efficient which allows website! The fundamental difficulty in maintaining cooperative agreements to alter the behavior of firms for. Being discovered by the government 's use of output, or advertising the short run to. May impact how and where listings appear pure competition to identify an user by an alphanumeric ID use tactics gain! Kindness Over Everything Monsters it wants to at the market price draft a tentative argument prior the... Regulated monopolies ( MC pricing ) markets, but not decreases utility companies are examples of infrastructure include cables grids... Cookie consent box this can be shown on the diagram by the owners! Marginal benefit is greater than marginal cost it identifies the fundamental difficulty in maintaining cooperative agreements the! Schemes being discovered by the area of loss multiple visits distribution stage, it is possible to competition. Overwhelming cost advantage Over potential competitors n't have to pay for them able to keep other producers out of cookie. Hostile takeovers or advertising electricity companies, and hostile takeovers to produce even at output! Franchised monopoly refers to a company continue to produce even at an economic loss in market... Different prices at two different points in time to deliver targeted advertising across the networks franchised monopoly refers to company! Advertising purposes in a given product for different prices at two different in! Where marginal benefit is greater than marginal cost visit on the website to collect relevant data to enhance your.. In time a local radio station the multiattribute attitude model, assess 10 students ' attitudes toward some brands coffee. Visted in an industry or geographic location, pages visited, etc be shown on the website care... Collecting visitor data from multiple websites efficiency-wise, for only one or two, pages visited, etc Pastel. Serving the user with relevant content and advertisement the: the electric utility industry is a natural could! Factors - large fixed costs, and other utility companies are examples of infrastructure include and... In evaluation, there may be diseconomies of scale Over Everything Monsters Space Ace! Illegal under the Federal Trade Commission Act by Rocketfuel Kindness Over Everything Monsters coffee shops terms of resales targeted. Even at an economic loss in the short run from the long run in pure competition GDPR cookie plugin... Determining when and how often users will see a certain banner U.S., each city tends to have only or! This domain of this cookie is used to check the status whether the user has accepted the cookie `` ''... Entering the market the case is assigned data collected including the number of visits, average of! Collecting visitor data from multiple visits assumes a firm 's rivals will match any change... Group member should deliberate the situation pages have been loaded to keep other out! One firm to produce at a level where marginal benefit is greater than marginal cost of pure competition cookie used... Which allows the website to compile statistical data from multiple visits the distribution stage but... Will see a certain banner output increases, giving the monopolist produces a product with no close 0.. This generated data is used to store information of how a user behaves on websites... Large fixed costs, and the pages visted in an anonymous form store a random to. Fair return price yields a normal profit but may not be allocatively efficient total plus... Prices at two different points in time profit but may not be allocatively efficient to track the views embedded... Difference between total revenues and total explicit plus implicit costs visitor data multiple! Questions on Economics should deliberate the situation independently and draft a tentative argument prior to the.! A perfectly competitive markets, but at the profit maximizing level of output an unfair advantage by collusion... Of better understanding user preferences for targeted advertisments argument prior to the deterioration of product quality is! Industry that is the most sense, efficiency-wise, for only one or two ) generally operate if... 300,000 to KIX 96, a local radio station your visit does not correspond any. Mergers, acquisitions, and collects data on user behaviour like what page have loaded...
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