In which of the following groups are ALL of the elements considered barriers to entry to an oligopolistic market?
a. economies of scale; perfect competition; high start-up costs
b. high levels of competition; high advertising costs; legal concerns
c. high number of competitors; low start-up costs; legal concerns
d. economies of scale; high start-up costs; legal concerns
d. economies of scale; high start-up costs; legal concerns
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You are an analyst with a perfectly competitive firm that makes DRAM memory chips. You must manufacture the chips before you know what the demand will be. If demand turns out to be high, then producing where E[MR] = MC rather than where MRH = MC lowers your profit by an amount equal to ________.
A) area A
B) area A plus the trapazoidal area marked by E and E
C) the trapezoidal area marked by E and E
D) area B + area C
A cartoon in the text says that while the economy has been expanding, the share of income to blacks and poor whites has decreased. This implies that the
A. Tax elasticity of supply is greater. B. Level of income inequality has decreased. C. Gini coefficient is smaller. D. Area between the Lorenz curve and the absolute equality line has increased.
Which of the following countries has the highest Gini ratio, as of 2011?
A. Italy. B. United States. C. South Africa. D. Mexico.
What "backs" the money supply of the U.S.?
A. The U.S. government's ability to keep the value of money relatively stable B. The amount of gold the U.S. government has on deposit at its banks C. The fact that currency is issued by the Federal Reserve System D. The fact that the intrinsic value of coins in circulation is greater than their face value