Efforts by corporate lobbyists to obtain a license that would give a firm a monopoly over the making of a product would be an example of:
A. price discrimination.
B. rent-seeking.
C. network effects.
D. X-efficiency.
Answer: B
You might also like to view...
Tele-Com, Inc., the nation’s largest cable TV company, tested the effect of a price reduction for the Disney Channel. It lowered prices from $10.75 to $7.95 and found that the number of customers more than doubled. This means the
A. demand curve for the Disney Channel shifted to the right. B. supply curve of the Disney Channel shifted to the left. C. demand for the Disney Channel is elastic in this price range. D. demand for the Disney Channel is inelastic in this price range.
We expect the marginal utility curve to be downward sloping
Indicate whether the statement is true or false
Arbitrage ensures that the spot exchange-rate value of a currency will equal the forward exchange-rate value of the currency.
Answer the following statement true (T) or false (F)
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $6, the price will
A. remain constant because the market is in equilibrium. B. decrease because there is an excess supply in the market. C. increase because there is an excess demand in the market. D. decrease because there is an excess demand in the market.