A legal barrier is created when a firm
A) has economies of scale, which allow it to produce at a lower cost than two or more firms.
B) is granted a public franchise, government license, patent, or copyright.
C) produces a unique product or service.
D) produces a standardized product or service.
E) has an ownership barrier to entry.
B
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Refer to Figure 18.4. With free trade, what is the equilibrium quantity of gloves in Duckland?
A) 100 B) 80 C) 60 D) 40
Positive externalities can be dealt with by _____ them
a. subsidizing b. taxing c. regulating d. encouraging
A corporation's shareholders are its:
a. board of directors. b. residual claimants. c. specialized active managers. d. supervisors.
The opportunity set contains:
a. a single combination of consumption that someone can afford given the prices of goods and the individual’s income. b. all possible combinations of consumption that someone can afford given the prices of goods regardless of the individual’s income. c. all possible combinations of consumption that someone can afford given the prices of goods and the individual’s income. d. a single combination of consumption that someone can afford given the prices of goods regardless of the individual’s income.