Which of the following is NOT a restriction the government imposes to keep potential entrants out of a market?
A) subsidizing imported goods
B) licensing of exclusive ownership of such a vital resources
C) certificate of convenience
D) compliance with government safety regulations
Answer: A
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
If the exchange rate is 1000 yen = $20, you would get ____ in American money for 1 yen.
Fill in the blank(s) with the appropriate word(s).
A corporate bond is a ________ issued by a corporation when it borrows money.
A. certificate of deposit B. private stock C. derivative security D. promissory note
Assume that beer is an inferior good. If the price of beer falls, then the substitution effect results in the person buying ________ of the good and the income effect results in the person buying ________ of the good
A) more, more B) more, less C) less, more D) less, less