Which of the following is an example of rent seeking behavior?
A) Recent increases in cigarette taxes faced little opposition from voters, many of whom were rationally ignorant with respect to the tax.
B) U.S. sugar firms convinced Congress to impose a quota on imports of sugar.
C) Amazon introduced the Kindle to compete with Sony's Digital Reader. Amazon was motivated by the desire to earn profits from the Kindle but also increased the choice of digital music players available to consumers.
D) Apple earned large profits from the development and sale of the iPhone.
Question 2
Economies of scale exist as a firm increases its size in the long run because of all of the following except
A) as a larger input buyer, the firm can purchase inputs at a lower per unit cost.
B) as a firm expands its production, its profit margin per-unit of output increases.
C) the firm can afford more sophisticated technology in production.
D) labor and management can specialize even further in their tasks.
Species richness increases with island size.
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