Which of the following is a common barrier to entry in a monopoly market?
A. Economic profits greater than zero for the monopolist.
B. A vertical supply curve.
C. A patent on a new product.
D. A rising long-run average total cost curve.
Answer: C
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Answer the following statements true (T) or false (F)
1. All illegal immigrants enter the U.S. and arrive here illegally. 2. Current U.S. immigration law is heavily weighted toward family reunification. 3. There was a big spike in legal immigration into the U.S. in 1989-1991, resulting from an amnesty program through which many formerly illegal immigrants became legal residents. 4. In 2011, refugees comprised a bigger portion of total legal immigration into the U.S. than employment-based immigrants.
The U.S. current account equals
A) U.S. exports - U.S. imports - net income from foreign investments + net transfers from abroad. B) U.S. exports - U.S. imports + net income from foreign investments + net transfers from abroad. C) U.S. exports + U.S. imports + net income from foreign investments + net transfers from abroad. D) U.S. imports - U.S. exports + net income from foreign investments + net transfers from abroad.
In Figure 5-19, the consumer experiences at point C
A. greater total utility than at point D. B. greater total utility than at point E. C. less total utility than at point D. D. total utility equal to that experienced at point D.
Number of workersUnits of output00110230344455
Refer to Table 5.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. Marginal product is maximized when the firm hires:
A. 2 workers. B. 3 workers. C. 4 workers. D. 5 workers.