Which is a barrier to entry?
A. Diseconomies of scale
B. Government licensing
C. Close substitutes
D. Price-taking behavior
Answer: B
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Adverse selection occurs when those ________ likely to get ________ insurance payoffs are the ones who want to purchase insurance the most
A) least; large B) least; small C) most; large D) most; small
If a firm is operating beyond the minimum point of its ATC curve, then marginal cost is
A. greater than ATC and rising. B. greater than ATC and falling. C. less than ATC and rising. D. less than ATC and falling.
Zachary spends his day studying for a total of four hours and exercising for one hour. Using the concept of utility to explain his choices, we can say
A. the total utility gained from exercising for one hour is greater than the total utility from studying for four hours. B. the marginal utility of exercising for the first hour was greater than the marginal utility of studying for the first hour. C. the marginal utility of studying for a fifth hour will be negative. D. the marginal utility from studying for a fifth hour is less than the marginal utility from the first hour of exercise.
The "Robin Hood" tax policy, which taxes the rich to give to the poor, is best described by economists as:
a. a proportional tax policy. b. a regressive tax policy. c. a poll tax policy. d. a progressive tax policy. e. a capital tax policy.