In the United States, barriers to entry in professional team sports (for example, football and baseball) result from
A) the draft of college players, which grants teams exclusive signing rights to individual players.
B) long-term leases teams sign for stadiums and ballparks in major cities.
C) television contracts, which give networks the exclusive rights to broadcast games.
D) the reserve clause, which is a provision in contracts of professional athletes that require them to play for specific teams over the length of their contracts.
Answer: B
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Inflation ________.
A. reduces the buying power of people on fixed incomes B. increases the buying power of everyone's income C. reduces the buying power of everyone's income D. increases the buying power of incomes that rise more slowly than prices
An example of a(n) ________________ is the U.S. Postal Service, which is the only entity allowed to deliver first-class mail.
a. natural monopoly b. artificial monopoly c. legal monopoly d. technological monopoly
Using the standard 45-degree line diagram, how does an increase in autonomous consumption effect the expenditure schedule?
a. It shifts the expenditure schedule downward. b. It shifts the expenditure schedule upward. c. It increases the slope of the expenditure schedule. d. It decreases the slope of the expenditure schedule.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.