An incumbent firm lobbying government officials require any new firm that enter the market to include costly pollution-reducing devices, is an example of
A) learning by doing
B) raising all firms' costs
C) raising rivals' costs
D) limit pricing
C) raising rivals' costs
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Economists believe that as a saver's wealth increases, the saver will generally
A) increase his or her holdings of all assets proportionately. B) increase the fraction of wealth held as cash. C) increase the fraction of wealth held as common stock. D) decrease the fraction held as corporate bonds.
Explain briefly the vent-for-surplus theory of international trade. What is the relevance of this theory to the current development experience of low-income economies?
What will be an ideal response?
Janice is a 32-year-old artist who supports herself by cleaning houses. She likes this job because the hours are flexible, leaving her time to go to flea markets, hike, and build her sculptures. She recently raised her prices by $5 per hour. This will make it possible for her to ___________ while maintaining her same standard of living.
a. pick up some additional jobs b. work fewer hours c. work longer hours d. stop working
Absolute price elasticities are calculated for four goods, and the values are: 0.009; 1.0; 3.5; and 4. Which indicates the most price-responsive situation?
A) 0.009 B) 1.0 C) 3.5 D) 4.0