Which of the following is NOT true about a tariff?
A) It is a barrier to entry in a market.
B) It leads to a natural monopoly.
C) It is a tax.
D) It affects imported goods.
Answer: B
Economics
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Which of the following is a service?
a. anything that is scarce and that satisfies unlimited human wants b. a thing for which people pay money c. an intangible activity that satisfies human wants d. any output produced by a service-sector industry, such as fast food e. something less desirable than a good
Economics
Each of the following is a determinant of market power but which is the critical determinant of market power?
A. The availability of substitute goods. B. The extent of barriers to entry. C. The number of producers. D. The size of each firm.
Economics