In 1976 New Jersey voters passed a referendum to legalize gambling. Several gambling casinos opened in Atlantic City beginning in 1978 and were initially very profitable, attracting people from the Mid-Atlantic and Northeastern states
Entrepreneurs in these states were unable to compete with the Atlantic City casinos because casino gambling was illegal in their states. For these entrepreneurs in the other states, the barrier to entry they were facing was
A) government imposed. B) self imposed.
C) due to economies of scale. D) due to ownership of a key resource.
A
You might also like to view...
Assuming the demand curve in question is downward sloping, the calculated price elasticity of demand will always be negative
Indicate whether the statement is true or false
Assuming the market is in equilibrium in the graph shown with demand D and supply S1, consumer surplus is:
A. greater than consumer surplus when market is in equilibrium at D and S2.
B. less than consumer surplus when market is in equilibrium at D and S2.
C. the same as consumer surplus when market is in equilibrium at D and S2.
D. zero.
A change in price that has relatively little effect on quantity demanded is called elastic demand
Indicate whether the statement is true or false
An increase in the domestic price level will
A. shift the IS curve to the right. B. shift the FE curve to the left. C. lead to a surplus in the balance of payments. D. shift the LM curve to the right.