Economists generally criticize high barriers to market entry because
a. the ability of consumers to discipline producers is weakened.
b. unregulated monopolists and oligopolists can often gain by increasing output and raising price.
c. legal barriers to entry will encourage firms to "invest" resources in developing highly desired products that consumers are willing to pay more for.
d. entry barriers are popular with consumers but not businesses.
A
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Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, his marginal tax rate would be
A) 22.99%. B) 23.75%. C) 38%. D) 95%.
Which of the following represents a positive supply shock, a negative supply shock, a positive demand shock, or a negative demand shock?
a. The government unexpectedly doubles all personal income tax rates. b. A newly discovered infectious disease shuts down all international ports indefinitely. c. Major technological progress occurs in the market for green energy. d. An earthquake wipes out 60% of the manufacturing capacity of an economy. e. The government unexpectedly eliminates the inheritance tax and the capital gains tax on sales of stocks and bonds.
In the short run in a perfectly competitive industry,
a. each firm's supply curve is horizontal, but the market supply curve is upward sloping b. the marginal cost curve equals the marginal revenue curve c. the market supply curve is upward sloping because each firm's supply curve is upward sloping d. the market demand curve is the sum of each consumer's marginal revenue curve e. each firm earns only a normal profit
Which of the following is not a sport finance issue?
a. valuation of sports teams b. borrowing of money to finance sport ventures c. stadium funding d. sports apparel e. none of these