Which of the following statements about barriers to entry is false?
A) They restrict entry into industries in which positive economic profits are being made.
B) They are somewhat lessened by the existence of patents.
C) They may be due to legal impediments such as licenses.
D) They may be due to a single firm controlling access to a natural resource or production process.
B
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Early Keynesians concluded that the quantity of money was not important because they assumed
a. low interest elasticity of money demand and high interest elasticity of the demand for output. b. high interest elasticity of money demand and low interest elasticity of the demand for output. c. high interest elasticity of money demand and high interest elasticity of the demand for output. d. both low interest elasticity of money demand and of the demand for output.
Which of the following is a form of a direct tax?
a. Personal income tax b. Sales tax c. Excise duty d. Import tariff e. Value-added tax
If a firm produces in a perfectly competitive output market,
a. then it demands its resources in perfectly competitive input markets b. then it demands labor in a perfectly competitive labor market c. the type of market in which it demands labor may be perfectly competitive or imperfectly competitive d. the labor demand curve is the same as its product demand curve e. the labor demand curve facing the firm is perfectly elastic
The marginal revenue that would be derived from producing a fifth unit of output is
A. $9.
B. $11.
C. $13.
D. $15.