Monopoly Industry is one where
a) There is only one producer.
b) There are several producers.
c) There are significant barriers to the entry of new firms.
d) There is one producer and there are barriers to the entry of new firms.
Answer: d) There is one producer and there are barriers to the entry of new firms.
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The table above gives Sharon's demand for ground beef at two different income levels. Use the midpoint method in this problem
a. What is the percentage change in Sharon's income? b. What is the percentage change in the quantity demanded? c. What is Sharon's income elasticity of demand for ground beef? d. Is ground beef a normal or an inferior good for Sharon?
The relative price of a country's goods and services in terms of foreign goods and services is the real exchange rate
Indicate whether the statement is true or false
The crowding-out effect refers to the tendency of
a. the additional borrowing accompanying larger budget deficits to increase interest rates and reduce private spending. b. higher future taxes accompanying budget deficits to reduce private consumption. c. the inflation rate to rise when the unemployment rate is low. d. increases in private savings to reduce interest rates and, thereby, crowd-out government expenditures.
What do we mean when we say that some technological knowledge is not proprietary?