microeconomics soccer

Which of the follow is not a barrier that limits the entry of potential competitors into a market?

The two conflicting tendencies that a firm has in an oligopolistic industry are the incentive to

Creative destruction refers to the process where

A firm that uses price discrimination to enhance its net revenues will

When a firm is a price searcher, its marginal revenue is

What price should a competitive price searcher firm with the cost and demand conditions depicted in figure 10-4 charge if it wants to maximize profit?

What is the maximum economic profit this firm depicted in figure 10-4 will be able to earn in the short run?

The price taker firm should discontinue production immediately if

Which of the following is the best example of a business firm operating in a competitive price taker market?

What rule should both price takers and price searchers always follow when it comes to choosing the quantity of goods they should produce to maximize profits?

Refer to figure 9-18. At the profit maximizing level of output, the firm will earn an economic (Hint: areas in the exhibit are referenced by the four letters on the corners of the respective area)

Refer to figure 9-18. Given the current market conditions, in the long run,

Which of the following decisions most clearly reflects A LACK OF UNDERSTANDING of the economic way of thinking concerning sunk costs?

The relationship between average and marginal variables can be stated as follows: if the marginal is greater than the average,

Local electric and natural gas companies wants to raise revenues by increasing its electricity and natural gas. The price rise will increase revenues if the elasticity of demand for electricity and natural gas is

An improved production process has made sunglasses cheaper and easier to produce. At the same time, sunny weather and the upcoming spring break season has increased people's desire to have sunglasses. Given these two effects, what will happen to the current equilibrium quantity and price of sunglasses?

Which of the following occurs when there is excess supply in a free and unregulated market for a good?

Refer to table 3-2. If the market price is $1,000, the producer surplus in the market is

Which of the following is true regarding the market for steak as shown in figure 3-1?

Thousands of people work together every day so that fresh steak gets to people in Riverside, California as cheaply as possible so that you can buy it if you so choose. Many of the people involved in this process don't know or even care about the people living in Riverside. Which of the following does this best reflect?

Refer to figure 3-17. When the price is P1, consumer surplus is

Which of the following is true?

If Donald Trump's income increases from $200,000 to $400,000 and his tax liability increases from $50,000 to $80,000, which of the following is true?

Refer to figure 4-11. On the Laffer Curve shown, tax revenue could be increased by

The federal government currently levies a 15.3 percent payroll tax (7.65 percent on both the employer and employee) on the wages of all workers. If the supply of labor is relatively elastic when compared to the inelastic demand for labor, the burden of this tax will

Please evaluate the following statements and determine which ones are true?

A subsidy is defined as

Joab loves to eat at the Golden Coral all you can eat buffet where you pay $14 and eat as much as you want. If Joab celebrates the end of the quarter by eating at the Golden Coral, which of the following will most likely be true?

In figure 2-5, which of the following is true?

A production possibilities curve indicates that when resources are being used efficiently,

If Jose trades two candy bars to Cheng in exchange for one baseball card,

Lebron James is extremely tall and athletic and therefore, can clean his house faster than any other one person.

When private ownership of a resource is clearly defined and enforced, the private owner

"After every fall election, the weather starts to turn cold, therefore elections cause cold weather". This statement

The opportiunity cost of going to college is

You want to travel to Las Vegas to celebrate spring break

Legislation to protect red cockaded woodpeckers created incentives that resulted in premature harvesting of trees the woodpeckers like to nest in. This is an example of which of the following

To say people make marginal decisions means that

Which of the following represents a positive statement?

The most fundamental concept in economics is that

According to the economic way of thinking, when would an economist consider a theory to be valid?

When economists say goods are scarce, they mean