According to new trade theory, the first mover's ability to benefit from increasing returns ______ for other firms.
Fill in the blank(s) with the appropriate word(s).
creates a barrier to entry
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If vouchers for a good or service given to consumers, then the supply curve ________ and the demand curve ________
A) shifts leftward; shifts leftward B) shifts leftward; shifts rightward C) shifts rightward; shifts rightward D) does not shift; shifts rightward E) shifts rightward; does not shift
If a hospital knows that an insurance company will pay for most of a patient's bill, the hospital has more of an incentive to require additional medical procedures and tests, even if the patient may not require them. This is an example of
A) moral hazard. B) adverse selection. C) asymmetric information. D) the principle-agent problem.
The shape of the average total cost curve is determined by the shape of
A) the firm's production function. B) the average fixed cost curve. C) the marginal cost curve. D) the average product curve.
After analyzing his opponent a tennis player decides to serve 10% of his serves to the left, 50% of his serves to the right, and 40% of his serves at the body of his opponent. This illustrates a
A) deterministic strategy. B) dominant strategy. C) mixed strategy. D) non-game theoretic problem.