The fundamental cause of monopolies is barriers to entry
a. True
b. False
Indicate whether the statement is true or false
True
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If the good in the table above is a public good and Pat and all are the only members of society, then the efficient quantity to produce is
A) 2 units. B) 3 units. C) 4 units. D) 5 units.
Suppose that under its collective bargaining agreement the XYZ Corp can hire nonunion workers, but these workers must join the union within 60 days. This agreement is an example of
A) an open shop. B) a closed shop. C) a company union. D) a union shop.
All factors of production usually experience:
A. decreasing average variable cost. B. diminishing marginal productivity. C. decreasing average fixed costs. D. diminishing total productivity.
In an open-market purchase the Federal Reserve ________ government bonds from the public and the supply of bank reserves ________.
A. sells; decreases B. buys; increases C. buys; decreases D. sells; increases