Which of the following is not a barrier to entry?
A) an inelastic demand curve
B) economies of scale
C) ownership of a key input
D) a patent
Answer: A
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Which of the following is(are) basic feature(s) of a perfectly competitive industry?
A. Buyers and sellers have perfect information. B. There is free entry and exit in the market. C. There are no transaction costs. D. All of the statements associated with this question are correct.
According to proponents of behavioral economics, because every possible choice cannot be considered, an individual will tend to fall back on methods of making decisions that are simpler than trying to sort through every single possibility, known as
A) rules of thumb. B) rational options. C) irrational choices. D) normative decisions.
When a U.S. company shifts some of its production to Mexico, it is engaging in
A) involuntary exchange. B) outsourcing. C) insourcing. D) self-sufficiency.
During the antebellum period, the federal government assumed
(a) responsibility for full employment. (b) responsibility for stable prices. (c) responsibility for the overall economy through control of the money supply. (d) little responsibility for most economic matters, leaving them to private individuals in businesses and households.