One major barrier to entry under pure monopoly arises from:
A. diseconomies of scale.
B. the availability of close substitutes for a product.
C. the price taking ability of the firm.
D. ownership of essential resources.
Answer: D
Economics
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The elements of the federal budget not determined by past legislative or executive commitments are
A. Fiscal restraint items. B. Discretionary fiscal spending. C. Uncontrollable fiscal spending. D. Automatic stabilizers.
Economics
The fact that there are too few resources to satisfy all our wants is attributed to
A. Lack of money. B. Shortages. C. Greed. D. Scarcity.
Economics
The minimum price the firm would accept in the short run would be
A. $25.
B. $50.
C. $70.
D. $80.
Economics
Explain why the price elasticity varies even when a firm faces a linear demand curve.
What will be an ideal response?
Economics