All of the following can create an oligopolistic structure EXCEPT
A) low barriers to entry.
B) economies of scale.
C) government licensing rules.
D) mergers.
Answer: A
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If new firms enter the computer manufacturing industry, then, holding all other things constant,
A. each “old” manufacturer must sell fewer computers than before. B. some “old” manufacturers must exit the industry. C. the equilibrium price of computers will rise. D. the equilibrium quantity demanded of computers will rise.
Entrepreneurship, as a factor of production, refers to
A) the technology used by firms. B) the human capital accumulated by workers. C) the value of the firm's stock. D) the human resource that organizes labor, land, and capital. E) the capital the firm uses.
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers decreased from $17 to $12:
A. producer participation in the market would decrease. B. total producer surplus would remain unchanged. C. producer participation in the market would not be affected. D. producer participation in the market would increase.
The national debt
a. exists because of past government budget deficits. b. is the difference between the government's spending and revenue in a given year. c. is the amount households owe on credit cards, mortgages and other loans. d. is the amount household and firms have borrowed minus the amount they have saved.