If a contestable market has only one seller, which of the following will keep the seller from producing inefficiently and charging a price that generates long-run economic profits?
a. government regulations
b. low costs of entry into and exit from the market
c. substantial economies of scale that provide a competitive advantage to large firms in such markets
d. the threat of a government takeover of the firms in these markets
B
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The cost of risk is the amount by which expected wealth must increase to give the same ________ as a no-risk situation
A) marginal wealth B) marginal utility C) expected utility D) expected wealth
What brought about the end of the Bretton Woods Agreement?
What will be an ideal response?
Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition
a. True b. False Indicate whether the statement is true or false
If Country A and Country B have the same population size, then the standard of living in these two countries can still be different depending on:
A. their respective political systems. B. the relative sizes of total output. C. their respective inflation rates. D. their relative geographic size.