When natural or legal forces work to protect a firm from potential competitors, the market is said to have ________
A) non-competitive supply
B) non-competitive entry
C) barriers to entry
D) restricted competition
C
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What is the maximum a monopolist would be willing to spend on rent-seeking behavior?
What will be an ideal response?
The distinction between real and nominal shocks is that
A) real shocks directly affect only the IS curve, but not the FE line or LM curve. B) real shocks directly affect only the FE line, but not the LM curve. C) real shocks directly affect only the IS curve or the FE line, but not the LM curve. D) real shocks have a large direct effect on the IS curve and the FE line, but only a small direct effect on the LM curve.
A recent study at a liberal arts college concluded that demand elasticity is 0.91 for college courses. The administration is considering a tuition increase to help balance the budget. An economist might advise the school to: a. decrease tuition in order to increase revenue by boosting enrollment
b. increase tuition in order to increase revenue. c. leave tuition unchanged as a change in tuition is unlikely to enhance the school's budget by increasing revenue. d. decrease tuition because demand for courses is elastic.
Customer discrimination is illegal in the United States
a. True b. False Indicate whether the statement is true or false