Which of the following is NOT a barrier to entry?
A) patents
B) licenses
C) economies of scale
D) U.S. antitrust legislation
Answer: D
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Total surplus is the sum of producer’s surplus and consumer’s surplus.
Answer the following statement true (T) or false (F)
Last year, Joan bought 50 pounds of hamburger when her household income was $40,000. This year, her household income was only $30,000 and Joan bought 60 pounds of hamburger
Holding everything else constant, Joan's income elasticity of demand for hamburger is A) negative, so Joan considers hamburger to be an inferior good. B) negative, so Joan considers hamburger to be a normal good. C) positive, so Joan considers hamburger to be an inferior good. D) positive, so Joan considers hamburger to be a normal good and a necessity.
Which of the following statements correctly describe the elasticities of demand for gasoline and automobiles?
a. The income elasticity of demand for gasoline and automobiles is negative. b. The price elasticity of demand for gasoline is elastic and the cross-price elasticity between gasoline and SUVs is positive. c. The price elasticity of demand for gasoline is inelastic and the cross-price elasticity between gasoline and SUVs is negative. d. The price elasticity of demand for gasoline is inelastic and the income elasticity between gasoline and SUVs is positive. e. The price elasticity of demand for gasoline is elastic and the income elasticity between gasoline and SUVs is negative.
In a monopoly labor market, the optimal union wage can be read off the marginal revenue product curve.
Answer the following statement true (T) or false (F)