Which of the following is NOT true about a certificate of convenience and public necessity?
A) It is a barrier to entry.
B) It is a patent.
C) It is issued by a government agency.
D) It limits competition.
B
Economics
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Sally is shopping for textbooks at the beginning of the semester. What is one reason she might decide to not purchase a textbook?
A) Her expected producer surplus is positive. B) Her expected consumer surplus is negative. C) Her expected consumer surplus is positive. D) Her expected profits are positive.
Economics
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An economist would calculate the total profit for one birdhouse to be
a. $7. b. $11. c. $12. d. $15.
Economics