When economists talk about a barrier to entry, they are referring to
a. a factor that makes it difficult for potential competitors to enter a market.
b. the opportunity cost of equity capital that is incurred by a firm producing at minimum total cost.
c. the downward-sloping portion of the long-run average total cost curve.
d. the declining output experienced as additional units of a variable input are used with a given amount of a fixed input.
A
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When determining her accounting profit, an entrepreneur would include
A) her foregone wages. B) her foregone interest. C) her foregone rent. D) all of the above. E) none of the above.
Refer to Table 8-17. What is nominal GDP in 2016?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
If a company making frozen orange juice expects the price of its product to be higher next month, it will supply more to the market this month
a. True b. False Indicate whether the statement is true or false
A community has five voters who are interested in only one issue: the government's spending on local parks. If Andre would like the government to spend $12,000 on parks, Brandon prefers $7,000, Charlene prefers $4,000, Dennis prefers $2,000, and Ernie prefers $0, how much spending would a politician seeking to win the election select when running against one opponent?
a. $2,000 b. $4,000 c. $7,000 d. $12,000