A legal barrier is created when a firm
A) has economies of scale, which allow it to produce at a lower cost than two or more firms.
B) is granted a public franchise, government license, patent, or copyright.
C) produces a unique product or service.
D) produces a standardized product or service.
E) has an ownership barrier to entry.
B
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If a profit-maximizing monopolist is currently charging a price on the inelastic portion of its demand curve, it should ______.
a. raise price and decrease output b. lower price and increase output c. reduce both output and price d. hold output constant and raise price e. do none of these
During which of the following time periods did inflation remain above 5 percent every year?
A) 1990 through 1999 B) 1973 through 1982 C) 1968 through 1971 D) 1958 through 1962