Patents, tariffs, and quotas are all examples of
A) government-imposed barriers.
B) economic regulations that increase efficiency.
C) entry barriers that improve a country's standard of living.
D) entry barriers that protect consumers.
Answer: A
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For a monopoly market, total surplus can be defined as the value of the good to
a. producers minus the cost incurred by consumers. b. producers plus the cost incurred by consumers. c. consumers minus the costs of producing the good. d. consumers plus the cost of producing the good.
The paradoxical nature of oligopoly can be demonstrated by the fact that, even though the monopoly outcome is best for the oligopolists,
a. they collude to set the output level equal to the Nash equilibrium level of output. b. they have incentives to increase production above the monopoly outcome. c. they do not behave as profit maximizers. d. self-interest juxtaposes the profits earned at the Nash equilibrium.
Suppose Gigantic Health Cooperative doesn't hire Mandy Morrison solely because she is a graduate of a particular foreign medical school, which is not known for the high quality of its graduates. Yet, Mandy is actually more qualified than the average
graduate of American medical schools. This is an example of: A. monopsony exploitation. B. human-capital discrimination. C. statistical discrimination. D. irrational behavior.
Using Richard Tedlow's "three phases of marketing," the premium bottled water industry is probably in
A) the first phase, where a very large number of firms are each producing a relatively small volume of premium bottled water. B) the second phase, where one or a few brands have attained high market shares by selling a large number of bottles of premium water at lower prices. C) the third phase, where the dominant firms have rapidly introduced a large number of premium bottled water varieties. D) The market for premium bottled water is too young to categorize using the "three phases of marketing."