Which of the following service industries is likely to have the highest barriers to entry due to start-up costs?
a. home improvements
b. after-school tutoring
c. commercial spaceflight
d. income tax preparation
c. commercial spaceflight
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List the four main factors of production
What will be an ideal response?
Refer to Table 5.4. If outcomes 1 and 2 are equally likely at Job A, then the standard deviation of payoffs at Job A is
A) $1. B) $10. C) $40. D) $50. E) $60.
Refer to Scenario 2.1. If P = $25, which of the following is true?
A) There is a surplus equal to 30. B) There is a shortage equal to 30. C) There is a shortage, but it is impossible to determine how large. D) There is a surplus, but it is impossible to determine how large.
If the groups are equal size and the firm can only set one price, how should the firm price the high-end wok?
a. Price low and sell to both the users b. Price high and sell only to the professional chefs c. Price low and sell only to the home users d. All of the above