If it is NOT possible for a pharmaceutical drug maker to sell its generic cholesterol reducing drug along with some name brand cholesterol reducing drugs, we have an example of monopoly due to
A. governmental entry restrictions.
B. ownership of key resources.
C. economies of scale.
D. pure competition.
Answer: A
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In the short run, why does a production function eventually display diminishing returns to labor?
A) As a firm hires more workers the skills and the work ethic of the additional workers will eventually decline. B) The opportunity cost of hiring additional workers must eventually rise. C) As the number of workers increases eventually the gains from the division of labor and specialization are used up. D) As the number of workers increases it becomes difficult to monitor them.
Actual output exceeds the natural output when
A) the actual budget deficit is above the structural deficit. B) the actual budget deficit is below the structural deficit. C) the structural deficit is positive. D) the structural deficit is negative.
Which of the following is true when an economy is in long-run equilibrium? a. Actual output can exceed potential output
b. Potential output can exceed actual output. c. Actual output must equal potential output. d. Real GDP must equal nominal GDP. e. Expected price level can exceed actual price level.
Bubba is a shrimp fisherman who catches 4,000 pounds of shrimp per year. He can sell the shrimp for $5 per pound. His average total cost of catching shrimp is $3 per pound. Bubba's annual total revenue is
a. $8,000. b. $12,000. c. $20,000. d. $32,000.