Which of the following is not an example of a barrier to entry?
a. John owns the only parcel of lakeside property with a beach that is safe for swimming. He charges admission to neighbors who want to use the beach.
b. Jackie owns the copyright to a popular song. She receives royalties every time a radio station plays her song.
c. John Jr. owns the best seafood restaurant in a popular resort area. He charges high prices because the quality of the food is so good.
d. Caroline owns the patent for a new running shoe. She receives payments from the company who manufactures the shoes.
c
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A temporary embargo on oil from the Middle East going in to the United States would
A) shift both the short-run and long-run aggregate supply curves to the left. B) shift only the short-run aggregate supply curve to the left. C) shift the long-run aggregate supply curve to the right. D) shift only the long-run aggregate supply curve to the left.
What are the three factors that affect the demand for foreign currency?
What will be an ideal response?
When economists observe someone make a choice, they assume the individual chooses:
A. what gives her the least utility. B. what gives her the most utility. C. what creates the most utility for society. D. what is the most efficient choice.
In 2011, the U.S. experienced
a. both current account and financial account deficits. b. a deficit in the current account and a surplus in the financial account. c. a surplus in the current account and a deficit in the financial account. d. a surplus in both the current account and the financial account.