Barriers to entry might include all of the following EXCEPT
A) patents and copyrights.
B) ownership of essential resources.
C) government franchise.
D) positive economic profits.
Answer: D
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Refer to Figure 16-5. Suppose the firm represented in the diagram decides to use a two-part pricing strategy such that it charges a fixed fee and a per-unit price equal to the monopoly price
What is the revenue collected from the fixed fee portion of the price? A) $10,240 B) $7,870 C) $2,560 D) $1,440
Many economists believe that the difference between savings accounts and checking accounts is disappearing
a. True b. False Indicate whether the statement is true or false
During the recent past, production and income have grown faster than population in highly developed economies because
A. of the availability of expensive and ineffective birth control devices. B. of rapid technological advancements. C. accumulation of both physical and human capital has slowed down. D. famine, war, and pestilence have greatly reduced the population.
Minimum wage was first established by ______.
a. city governments b. county governments c. state governments d. the federal government