If regulations create barriers to entry in an industry, the result can be _____
a. efficiency
b. monopoly
c. monopsony
d. higher output
b
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Which of the following will not change the demand for movie tickets?
A) A change in the cost of babysitting services B) A change in the incomes of moviegoers C) A change in the price of movie tickets D) A change in the quality of television programs E) A change in the quality of movies
Increasing returns means that
A) each additional worker produces more than the worker before him/her. B) each additional worker costs less. C) marginal cost rises. D) technology is having a negative impact on production.
A woman who is NOT sexually active could still develop:
A. chlamydia. B. endometriosis. C. gonorrhea. D. syphilis.
The Hawaiian island of Lana'i is privately owned by Castle & Cooke and for generations most of its land was used to grow pineapples. Now, many of the pineapple fields have been replaced by tourist accommodations, including a pair of world-class hotels and a top rated golf course. What would an economist say about this change in land-use patterns?
A. Economic rent has allocated the island's resources to their highest valued use: tourism. B. Agriculture is still the land's highest-valued and most efficient use, but tourism earns more profits for Castle & Cooke. C. To find the land's economic rent, add the price per acre that land on Lana'i would be worth if used to grow pineapples to the value per acre when used for a golf course. D. While growing pineapples used the island's land more efficiently, tourism provides utility to the largest number of people.