Higher education is a ________ and assigned textbooks are ________.

All of the following are examples of barriers to entry, except one. Which is the exception?

a. significant economies of scale b. reputation of established firms c. special deals with distributors d. excessive prices e. patents

Ben quit his job as an economics professor to become a golf professional. He gave up his salary ($40,000 . and invested his retirement fund of $50,000 (which was earning 10 percent interest) in this venture. After all expenses, his net winnings (profit) were $45,000 . Ben's economic profits were

a. $45,000. b. $5,000. c. $2,000. d. zero.