What is meant by “beaten path?” How does it influence immigration decisions?
What will be an ideal response?
Beaten paths are routes followed by previous immigrants (friends, family, or relatives) from another nation. It is easier for someone to emigrate when they can follow a beaten path to another nation because it reduces some of the distance costs and unfamiliarity with the new nation. Immigrants that follow a beaten path tend to cluster in communities in an area, and these communities help reduce the sense of distance or loss of connection with the former nation and culture.
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A basic understanding of economics is needed to be an informed citizen.
Answer the following statement true (T) or false (F)
Which of the following factors is not a barrier limiting the entry of potential competitors into a market?
a. legally enforced patent rights b. an inelastic demand for a product c. licensing d. control over an essential resource
A local Krispy Kreme doughnut shop reduced the price of its doughnuts from $4 per dozen to $3.50 per dozen, and as a result, the daily sales increased from 300 to 400 dozen. This indicates that the price elasticity of demand for the doughnuts was
a. elastic. b. inelastic. c. of unitary elasticity. d. indeterminate; more information is needed to determine the price elasticity of demand.
(Last Word) Suppose that a firm has "pricing power" and can segregate its market into two distinct groups based on differences in elasticities of demand. The firm might charge:
A. a lower price to the group that has the less elastic demand. B. a higher price to the group that has the less elastic demand. C. the same price to both groups but include a "free" related product for the group that has an inelastic demand. D. the same price to both groups but make it difficult for the group with the more elastic demand to gain access to the product.