________ are not a barrier to entry.
A. Consent decrees
B. Government franchises
C. Patents
D. Economies of scale
Answer: A
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The above table shows the demand schedule and supply schedule for chocolate chip cookies. An increase in income results in an increase in the demand for chocolate cookies by an amount of 3 pounds at every price
What are the new equilibrium quantity and equilibrium price? A) 5 pounds, $4.00 per pound B) 5 pounds, $6.00 per pound C) 5 pounds, $5.00 per pound D) 4 pounds, $5.00 per pound
A consumer's total transportation cost includes all of the following except which one?
A) the value of the consumer's time spent in the store B) the cost of a bus ticket to get to the store C) the value of the consumer's time getting to and from the store D) the value of the time the consumer's spends reading advertisements from the store
A decrease in the availability of an important major resource such as oil shifts aggregate supply left.
Answer the following statement true (T) or false (F)