An oligopolistic market may be difficult to enter because of government regulation or the expense of nonprice competition.
Answer the following statement true (T) or false (F)
True
Barriers to entry include patents, nonprice competition, control of distribution outlets, and government regulation.
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Inflation caused by a rise in the prices of inputs is referred to as ________.
A. hyperinflation B. unexpected inflation C. demand-pull inflation D. cost-push inflation
Under a relative concept of poverty, poverty
A. doesn’t really exist. B. is higher in rich countries than in poor countries. C. can never be wholly eliminated by public policy. D. declines as technology advances.
Because its market share is insignificant, a perfectly competitive firm faces an inelastic demand curve
Indicate whether the statement is true or false
Positive statements are
a. prescriptive. b. claims about how the world should be. c. claims about how the world is. d. made by economists speaking as policy advisers.