A barrier to entry prevents ________ a monopolistic industry.
A. new firms from entering and competing in
B. government regulation of
C. economic losses in
D. firms from exiting
Answer: A
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The shape of marginal cost is determined by
A) the shape of average cost. B) the shape of marginal product. C) the shape of total variable cost. D) all of these choices.
Mental or physical labor or help purchased by consumers is a(n)
A. durable consumer good. B. nondurable consumer good. C. service. D. investment.
Refer to the information provided in Figure 31.2 below to answer the question(s) that follow.
Figure 31.2Refer to Figure 31.2. Suboptimal production occurs when the economy is at Point
A. A. B. B. C. C. D. D.
If the central bank of Orangeland pursues an expansionary monetary policy, ________
A) its labor supply will fall B) the price level in Orangeland will fall C) the demand for labor in the economy will increase D) the interest rate in Orangeland will rise