Which of the following would NOT be a barrier to entry for a particular market?
A) ownership of a patent
B) low cost of obtaining initial capital
C) the presence of economies of scale
D) government regulation
Answer: B
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Why is the social marginal benefit of a common property smaller than the value that people, on average, receive from it?
a. Because use of a common property is nonrivalrous. b. Because when one additional person uses the common property, it lowers the value that others receive from it. c. Because entrance fees must be taken into account when determining the social benefit derived from a common property. d. Because "free riders" will use the common property without contributing to its costs.
Which of the following statements is true?
A) Cultural and geographical conditions of a nation can be considered proximate causes of prosperity. B) Stock of human capital and the geography of a nation can be considered fundamental causes of prosperity. C) Stock of human capital and physical capital available to a nation can be considered proximate causes of prosperity. D) Stock of human capital and the geography of a nation can be considered proximate causes of prosperity.
Which of the following statements is correct? I. A drop in the foreign exchange value of the dollar would decrease aggregate demand II. A decrease in the amount of money in circulation would increase aggregate demand
A) I only B) II only C) Both I and II D) Neither I nor II
What would the Nash equilibrium be in this game?
a. Neither of the players would stop b. Both of the players would stop c. Player A stops d. Player B stops