Government licensing, patents, and government franchising are all examples of
A. economies of scale.
B. economies of being established.
C. legal barriers to entry.
D. control of an essential resource.
C. legal barriers to entry.
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The figure above shows supply curves for soft drinks. Suppose the economy is at point a. An increase in the number of suppliers would be shown as a movement from point a to a point such as
A) none of the points that are illustrated. B) point b. C) point c. D) point d.
If real GDP is less than potential GDP, then the economy is ________ equilibrium
A) at an above-full-employment B) not in short-run macroeconomic C) at a below-full-employment D) in long-run macroeconomic
A decrease in the unemployment rate may be represented as a movement from a point inside the production possibilities frontier to a point on the frontier
Indicate whether the statement is true or false
Industry supply and demand are given by QD = 1000 - 2P and QS = 3P
a. What is the equilibrium price and quantity? b. At a price of $100, will there be a shortage or a surplus, and how large will it be? c. At a price of $300, will there be a shortage or a surplus, and how large will it be?