Which of the following is NOT a barrier to entry for a monopoly?
A) economies of scale for the relevant range of output
B) a patent on the product being sold
C) the ability to charge a price that is above marginal cost
D) receiving a public franchise
C
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An increase in the excise tax on alcohol of $1 per liter:
a. will have no effect on alcohol consumption. b. will generate minimal tax revenues for the federal government. c. will generate substantial revenues if demand is elastic. d. coupled with a uniform drinking age nationwide would save lives. e. will raise the price of alcohol by exactly $1 per lite
Professional male golfers make far more income than do professional female golfers. The reason for the wage difference is
A. the demand for male golfers is far greater than the demand for female golfers. B. gender discrimination. C. compensating differentials. D. the supply of male golfers is far greater than the supply of female golfers.