Which of the following is not a technical barrier to entry in a monopolized market?
a. A patent.
b. Decreasing average cost.
c. A low cost method of production known only by monopolist.
d. Increasing returns to scale.
a
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Which of the following is directly included in the U.S. GDP for 2013?
i. a 2013 Cadillac Escalade produced and sold as a new car in the United States in 2031 ii. tires produced in the United States, purchased by General Motors, and installed on a new Cadillac Escalade sold in 2013 iii. General Motors cars produced in Canada because General Motors is an American corporation A) i and iii B) i only C) i, ii, and iii D) ii and iii E) ii only
The fundamental force driving international trade is comparative _______
A. advantage: a country exports those goods that have high prices B. abundance: the country that produces more than it needs exports the good C. advantage: the country with the lower opportunity cost of production exports the good D. cost: a country trades with other countries that produce cheaper goods
When a production function is graphed with Real GDP on the vertical axis and labor on the horizontal axis, a rise in capital________________________, and a rise in the technology coefficient __________________
A) shifts the production function upward; also shifts the production function upward B) shifts the production function downward; shifts the production function upward C) moves us up along a given production function; shifts the production function upward D) shifts the production function upward; moves us up along a given production function
In a monopolistically competitive market, how do we model the firm's slight control over the price that they charge?
A. The demand curve is downward sloping and very elastic. B. The demand curve is downward sloping and very inelastic. C. The ATC is relatively flat. D. The AVC is horizontal.