When a law is passed that requires businesses to obtain permission from government officials in order to enter a market, this is an example of
a. price-control legislation.
b. a barrier to entry
c. antitrust legislation.
d. the invisible hand principle.
B
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When the market for gasoline in Motorland is in equilibrium, the market price of gasoline is ________ the marginal social cost
A) $1.50 above B) $1.50 below C) equal to D) $1.20 above
All used cars are lemons or peaches. Owners know whether or not their car is a lemon, but buyers do not; that is, the quality of a car is private information. There are many more buyers than sellers
Buyers value a peach at $4,000 and a lemon at $200; owners value a peach at $3,000 and a lemon at $100 . Owners can have their cars inspected for $100 . If they do have their car inspected, they will receive a certificate that shows whether the car is a lemon or a peach. Show that owners of peaches will have their cars inspected and will sell those cars for $4,000 . Show also that the owners of lemons will not obtain a certificate and will sell their cars for $200 .
A technological breakthroughs in the production of computers creates a __________ and causes the price of computers to __________.
a. leftward shift of supply, rise b. rightward shift of supply, fall c. rightward shift of demand, rise Incorrect. Please review Top Ten Concept # 3. d. rightward shift of supply, rise e. leftward shift of demand, rise
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30