Which of the following are barriers to entry?
A) economies of scale
B) patents and copyrights
C) control of resources
D) all of the above
Answer: D
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"Rate averaging" is only possible if
a. the firm is protected from price competition and new entry. b. the firm is protected from losses resulting from unsuccessful innovation. c. the firm can choose the level of service it wishes to provide. d. "cream skimming" is permitted.
The term discouraged worker refers to an individual who: a. prefers full-time employment but works only part time
b. has given up looking for a job because he has lost the hope of getting a new job. c. is jobless because of the seasonal nature of his job. d. is jobless because of a recession in the economy.
Using the same mpc and multiplier as before (we had chosen the example where mpc = 0.8, resulting in mult = 5)
What will be an ideal response?
An effective minimum wage will increase the quantity demanded of labor.
Answer the following statement true (T) or false (F)