A virtuous cycle occurs
A) when a firm can attract enough buyers initially to increase a product's usefulness to attract even more buyers.
B) when lobbyists petition members of Congress to grant a public franchise; the lobbyist then raise money for those Congress members who granted the franchise.
C) when monopoly profits are used to create new products for additional monopoly profits.
D) when a firm's sales volume reaches a level where the firm can take advantage of economies of scale; thereby reducing the price of the product to further boost its sales.
Question 2
A patent is a government-imposed entry barrier because
A) it is a key input owned by the firm that is granted the patent.
B) it allows a firm to achieve economies of scale.
C) it gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented.
D) it limits the quantity of a good that can be imported into a country.
The Carbon Cycle
A photograph of Commodore Matthew Perry in 1855 juxtaposed with a Japanese portrait of him. When Per
The Hydrologic Cycle
Citric acid cycle intermediates
cell cycle
Life cycle of Obelia, a hydrazoan that has alternating medusa (left) and polyp generations