Recent research has shown that the first firm to enter a market often does not have a long-term advantage over later entrants into the market. An example that has been used to illustrate this is
A) Xerox, which became a generic term for making photocopies.
B) McDonald's entry into the high-end coffee market.
C) the introduction of the first ballpoint pen in 1945.
D) Abercrombie and Fitch, which was the first clothing company to market to young men.
C
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The rate of change in total utility equals
A. marginal utility. B. the rate of change in marginal utility divided by the price. C. the change in marginal utility divided by the change in quantity. D. the change in marginal utility associated with eating all the quantities a person can handle.
If the marginal rate of technical substitution for a cost minimizing firm is 10, and the wage rate for labor is $5, what is the rental rate for capital in dollars?
A) .5 B) 1 C) 2 D) 10
Briefly and concisely define the following terms: a. statistical discrimination b. compensating wage differential c. affirmative action
What will be an ideal response?
It would be impossible for members of the fast-food industry to collude to fix prices because
A) there are too many fast-food firms in the market. B) collusion is illegal. C) there are not enough fast-food firms in the market. D) the price of fast-food is too low. E) demanders would not buy from firms that collude.