Which of the following is not an example of a barrier to entry?
a. Mighty Mitch's Mining Company owns a unique plot of land in Tanzania, under which lies the only large deposit of Tanzanite in the world.
b. A chemist receives a patent for a new skin cream.
c. An entrepreneur opens a cupcake bakery.
d. A taxi cab driver in New York City obtains a license to legally provide transportation in New York City.
c
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Industry Y is a perfectly competitive industry. Assume that as a result of changes in other markets there is a twenty percent increase in the price of variable inputs used by firms in industry Y
After all adjustments have taken place, we would expect the equilibrium price in industry Y to: A) decrease and the number of firms to increase. B) decrease and the number of firms to decrease. C) increase and the number of firms to increase. D) increase and the number of firms to decrease.
An expectation may fail to be rational if
A) relevant information was not available at the time the forecast is made. B) relevant information is available but ignored at the time the forecast is made. C) information changes after the forecast is made. D) information was available to insiders only.
A decrease in the supply of nurses will the equilibrium wage and the equilibrium quantity of nursing services.
A decrease in the supply of nurses will .......... the equilibrium wage and ............ the equilibrium quantity of nursing services.
If 1 U.S. dollar exchanges for 0.69 British pounds, how much would it cost in U.S. dollars and cents to purchase a British chess set priced at 20 pounds?
What will be an ideal response?