Barriers to Entry include, economies of scale
Indicate whether the statement is true or false.
Answer: True
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Refer to Table 8.1. That the firm is perfectly competitive is evident from its
A) increasing marginal cost. B) increasing total cost. C) zero economic profits. D) constant marginal revenue. E) absence of marginal values at Q = 0.
For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true concerning production possibilities curves in both countries?
a. The slopes of the countries' production possibilities frontiers cannot be determined unless the number of workers in each country is known. b. The countries' production possibilities frontiers have the usual bowed-out shape. c. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is everywhere equal to 1/100. d. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is steeper than Denmark's. e. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is everywhere equal to negative 1/100.
Figure 17-9
Refer to . The size of the tariff on carnations is
a.
$8 per dozen.
b.
$6 per dozen.
c.
$4 per dozen.
d.
$2 per dozen.
A hypothesis that has been tested extensively without being rejected and has won widespread acceptance is a:
A) model. B) constant. C) variable. D) theory.