Which of the following is not potentially a barrier to entry into the widget market?
A. Patent protection on the design of widgets
B. High prices for widgets
C. Government licensing of widget producers
D. Massive advertising by existing widget producers
Answer: B
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Suppose the AC curve is U-shaped. Then an increase in a recurring fixed cost will cause the AC curve to shift up, with its lowest point shifting to the right.
Answer the following statement true (T) or false (F)
You have just purchased 100 shares of the stock of Microsoft Corporation. This places you in the role of
A) principal. B) incentive system operator. C) agent. D) long-term contractor.
Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 40 sliders and 25 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
A successful advertising campaign would likely
a. increase price elasticity of demand by stressing the uniqueness of the product. b. reduce price elasticity of demand by stressing the uniqueness of the product. c. reduce price elasticity of demand by informing consumers of the availability of substitutes. d. not alter the demand curve. e. generally make the demand curve shift inward.