Starting a fishing business
a. is safe because the price of fish is stable
b. requires little prior knowledge
c. involves no significant entry costs
d. is a risky way to make a living
e. does not involve opportunity costs
D
You might also like to view...
In a duopoly, if advertising only takes customers from rivals than attracting new customers, then
A) neither firm will advertise B) there is no dominant strategy C) the result is similar to the prisoners' dilemma D) only one firm will advertise
An increase in the price of a product will reduce the amount of it purchased because:
A. supply curves are upsloping. B. the higher price means that real incomes have risen. C. consumers will substitute other products for the one whose price has risen. D. consumers substitute relatively high-priced for relatively low-priced products.
Purchasing power parity (PPP) measurements of income are a way to make international comparisons by correcting for national differences in
A) unemployment. B) inflation. C) prices of goods and services. D) economic growth.
An example of a quantity restriction is
A) the minimum wage. B) an import quota. C) rent controls. D) price supports in agriculture.