Which of the following is not a technical barrier to entry in a monopolized market?
a. A patent
b. Decreasing average cost
c. A low cost method of production known only by monopolists
d. Increasing returns to scale
a
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With a technological change that increases productivity, the average product curve ________ and the marginal product curve ________
A) shifts upward; is unchanged B) is unchanged; is unchanged C) is unchanged; shifts upward D) shifts upward; shifts upward
People who are risk averse dislike bad outcomes more than they like comparable good outcomes
a. True b. False Indicate whether the statement is true or false
Voters may choose to remain uninformed about an issue because of:
A. the special-interest effect. B. rational ignorance. C. bureaucratic inefficiency. D. the shortsightedness effect.
Assume a perfectly competitive industry is in long-run equilibrium at a price of $30. If this industry is an increasing-cost industry and the demand for the product increases, long-run equilibrium will be reestablished at a price
A. less than $30. B. of $30. C. greater than $30. D. either greater than or less than $30 depending on the magnitude of the decrease in demand.