Adam Matsumi is an attorney who can charge legal fees above the competitive level because entry of new competitors is made more difficult by the need to hold a(n)
a. state license
b. patent
c. essential resource
d. economy of scale
e. copyright
A
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If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by
a. an increase in the supply of the good. b. an increase in the demand for the good. c. a decrease in the demand for the good. d. a decrease in the supply of the good.
For a firm, marginal revenue minus marginal cost is equal to
a. profit. b. average total cost. c. change in profit. d. change in average revenue.
Short-run equilibrium exists
A) where the AD curve intersects the short-run aggregate supply (SRAS) curve. B) where the AD curve intersects the long-run aggregate supply (LRAS) curve. C) on the AD curve only. D) on the SRAS curve only.
If a government determines that the provision of services by museums should be encouraged, then this means that the government has judged museum displays to be a(n)
A. government-inhibited good. B. government-sponsored good. C. exclusive good. D. public good.