Which of the following is an example of a product that is made available through public provision?
i. local police protection
ii. public schools
iii. local fire department
A) i only
B) i and ii
C) iii only
D) i and iii
E) i, ii, and iii
E
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Refer to Figure 4-3. If the market price is $2.50, what is the consumer surplus on the first ice cream cone?
A) $0.50 B) $1.00 C) $3.50 D) $9.00
Consider a used car market in which half the cars are good and half are bad (lemons). If buyers are rational, the prices being offered for used cars will result in
A) a larger proportion of good cars being sold and consequently, consumer surplus is increased. B) an equal proportion of good cars and lemons being sold in an inefficient market. C) a larger proportion of lemons being sold and consequently, producer surplus is increased. D) an equal proportion of a good cars and lemons being sold in an efficient market.
The late business historian Alfred Chandler blamed Britain's competitive difficulties in the early twentieth century on:
a. the structure of the firms. b. the removal of trade barriers. c. the lack of innovation. d. inefficient transfer of information within firms.
Which of the following is an example of a barrier to entry?
a. Crystal charges a higher price than her competitors for her hair-styling services. b. Dan charges a lower price than his competitors for his dry-walling services. c. Jackie offers free samples of her loose-meat sandwiches to attract new customers. d. Roseanne obtains a copyright for a short story that she wrote and published.