AR
What will be an ideal response?
Used by the NFL to calculate the salary cap each season
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To compare the conclusions of a model with what actually happens, historical data are entered into the model as ________
A) endogenous variables B) exogenous variables C) equations D) predictions E) policies
Compared to the profit-maximizing outcome, average cost pricing in natural monopoly leads to
a. a higher price. b. decreased consumer surplus. c. the elimination of economic profit. d. less output.
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.
If there are external benefits associated with the consumption of a good or service
A. the private demand curve will underestimate the true demand curve. B. the market demand curve will be the vertical summation of the individual demand costs. C. the private demand curve will overestimate the true demand curve. D. consumers will be willing to pay for all these benefits in private markets.