A ________ prevents new firms from entering and competing in a monopolistic industry.
A. market power sharing agreement
B. collusive agreement
C. cartel agreement
D. barrier to entry
Answer: D
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Using the data in the above table, what is the marginal product of the second worker?
A) 4.5 pizzas per hour B) 4 pizzas per hour C) 5 pizzas per hour D) The marginal product is undefined.
What are the major economic effects of rent ceilings?
What will be an ideal response?
A production possibilities curve that is linear (a straight line):
a. illustrates a tradeoff in which opportunity cost of a good increases with the level of its production. b. illustrates a tradeoff in which the opportunity cost of a good decreases with the level of its production. c. illustrates a tradeoff in which the opportunity cost of a good is constant at all levels of production. d. demonstrates the fallacy of composition.
When a competitive firm hires labor up to the point at which the value of the marginal product of labor equals the wage, it also produces up to the point at which the price of output equals average variable cost
a. True b. False Indicate whether the statement is true or false