________ present(s) a barrier to entry in the DVD player market.
A. Ownership of a scarce resource
B. Network externalities
C. Economies of scale
D. A government franchise
Answer: B
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The above figure shows supply and demand curves for milk. If the government passes a $2 per gallon specific tax, the welfare loss will equal
A) j. B) f + g. C) b + c + f + g. D) c + g.
If total cost at Q = 0 is $100 and total cost at Q = 10 is $500, then average variable cost at Q = 10 is
a. $500 b. $400 c. $50 d. $40 e. $10
Which of the following is a positive statement?
a. Driving speeds should be lowered so that fewer accidents will occur. b. When per capita income falls, fewer meals are consumed at restaurants. c. The minimum wage is too low; college students deserve a raise. d. Cigarette sales should be made illegal in order to reduce the incidence of cancer. e. Social Security is a good program for U.S. workers.
If P represents the price of goods and services measured in money, then 1/P is the value of money measured in terms of goods and services
a. True b. False Indicate whether the statement is true or false