Which of the following is not an example of a barrier to entry?
a. A soybean farmer is the first in her county to use a new brand of fertilizer.
b. Microsoft obtains a copyright for its Windows operating system.
c. A pharmaceutical company obtains a patent for a new medication to treat migraine headaches.
d. A taxi cab driver in New York City obtains a license to legally provide transportation in New York City.
a
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The Fed's lender-of-last-resort function
A) has proven to be ineffective. B) cannot prevent runs by large depositors. C) is no longer necessary due to FDIC insurance. D) creates a moral hazard problem.
Which of the following statements is true?
A. Accounting profit is always positive. B. Economic profit is always positive. C. Accounting profit is greater than or equal to economic profit. D. Economic profit is greater than or equal to accounting profit.