Which of the following is an example of a barrier to entry?
a. Matthew offers free samples of his latest flavored coffee drink to entice customers to buy a cup.
b. Mark charges a lower price to students than to faculty for his tattoo services.
c. Luke charges a higher hourly price to business students than to liberal arts students for his economics tutoring.
d. John obtained a copyright for the song he wrote and recorded.
d
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The profit maximizing combination of resources
A) usually involves more of each input hired than the cost minimizing combination of resources. B) usually involves less of each input hired than the cost minimizing combination of resources. C) usually involves hiring more of some resources and less of other resources than the cost minimizing combination of resources. D) is also the cost minimizing combination of resources.
A consequence of imposing a price floor is that
a. the new price (or price floor) is below the old equilibrium price b. an excess supply of the good is created at the floor price c. an excess demand for the good is created at the floor price d. the supply of the good decreases e. the demand for the good increases
When voters pay taxes in proportion to the benefits they receive from government projects
What will be an ideal response?
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. In the long run, this increase in the demand for corn is likely to ________ the price of soy beans.
A. have an ambiguous effect on B. lead to an increase in C. lead to a decrease in D. have no effect on