Which of the following is not considered a barrier to entry?
a. patents
b. government licenses
c. economies of scale
d. diseconomies of scale
e. control over essential resources
D
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The figure above shows the market for bank reserves in Futureland. If the Bank of Futureland undertakes an open market sale of government securities that changes the quantity of reserves by $25 billion, then the federal funds rate will
A) remain at 4 percent a year. B) rise to 6 percent a year. C) fall to 4 percent a year. D) change, but more information is needed to determine by how much. E) None of the above answers is correct.
In a progressive income tax system,
A) the marginal tax rate exceeds the average tax rate. B) the average tax rate exceeds the marginal tax rate. C) high income earners pay a lower percentage of their income in taxes than do low income earners. D) the tax rate depends solely on how long an individual has been in the labor force.