There is no incentive for additional producers of an information product to enter the industry when the price charged for these products by each firm already in the industry is equal to
A. marginal cost.
B. average total cost.
C. average variable cost.
D. average fixed cost.
Answer: B
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Which of the following statements is correct?
a. The establishment of property rights sometimes gives rise to market failure. b. The absence of property rights sometimes gives rise to market failure. c. In the context of public goods, the Coase theorem implies that total surplus in some markets can be improved by the elimination of property rights. d. Government regulation of private behavior, in response to market failure, can never improve social well-being.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy's opportunity cost of producing one pound of cheese is ________ car(s).
A. 1/250 B. 20 C. 250 D. 1/20
The cost of a higher living standard in the future is giving up
A. current consumption. B. current investment. C. future consumption. D. future investment.
The United States dollar has NOT been officially convertible to gold by international traders since
A) 1930. B) 1944. C) 1971. D) 1995.