Barriers to entry:
A. Usually result in pure competition
B. Can result from government regulation
C. Exist in economic theory but not in the real world
D. Are typically the result of wrongdoing on the part of a firm
B. Can result from government regulation
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If a consumer purchases more of good B when his income rises, good B is an inferior good
a. True b. False Indicate whether the statement is true or false
In the late 1990s, aggregate demand was growing rapidly, but productivity grew even more rapidly. What happened to prices and output?
A. output went up a lot, prices went up some B. prices went up a lot, output went up some C. output went down, prices went up some D. both prices and output went down E. both prices and output remain unchanged
Distinguish between the laws of demand and supply. How are the laws of demand and supply illustrated graphically?
What will be an ideal response?
Lauren makes $150 a day as a bank clerk. She takes two days off work without pay to fly to another city to attend the concert of her favorite band. The cost of transportation and lodging for the trip is $250. The cost of the concert ticket is $50. The opportunity cost of Lauren's decision to attend the concert is
A. $600. B. $450. C. $250. D. $300.