Someone wants to open a new restaurant in town. Identify which of the following would be a barrier to entry.
a) None of the available property in town is zoned for business use.
b) The price of tablecloths has risen.
c) Consumers buy only from businesses they know.
d) The town requires all businesses to pay a hefty annual permit fee.
e) The town requires new businesses to pay a hefty permit fee.
Answer:
a) would
b) would not
c) would
d) would not
e) would
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Use the following graph of the demand for noodles to answer the question below.
Refer to the three demand curves for noodles. Which of the following would shift the demand for noodles from D1 to D2?
A. an increase in the number of buyers of noodles B. People hear that eating noodles can have negative health effects. C. a decrease in the price of noodles D. a decrease in the number of buyers of noodles
The demand curve in the figure above illustrates the demand for a product with
A) zero price elasticity of demand at all prices. B) infinite price elasticity of demand. C) unit price elasticity of demand at all prices. D) a price elasticity of demand that is different at all prices.
In 2012, approximately what percent of the national debt was held by the Federal Reserve system?
a. 5 percent b. 10 percent c. 40 percent d. 55 percent
Welfare benefits reduce the need to work and result in a shift in the
A. Labor supply curve to the left. B. Labor demand curve to the left. C. Labor supply curve to the right. D. Labor demand curve to the right.