Which of the following is considered a barrier to entry?
A.) Price taking
B.) Standardized products
C.) Brand Loyalty
D.) Economic profit
Ans: C.) Brand Loyalty
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The law of demand illustrates a(n) ____ relationship between price and ____
a. direct; quantity demanded b. inverse; quantity demanded c. inverse; demand d. direct; demand
Rent-seeking activity by firms
A. often wastes economic resources. B. increases economic efficiency. C. continues even when an industry is in long-run competitive equilibrium. D. increases the total amount of economic rent available.
Explain why it is correct to say the Federal Reserve functions as the government's bank but it is incorrect to say it controls the government's budget.
What will be an ideal response?
Assume the following exchange rates for today: $1=140 yen and 1 Danish krone = $0.10. We can conclude
A. 1 kr. = 14 yen. B. 1 kr. = 28 yen. C. 1 yen = 14 kr. D. 1 yen = 280 kr.