Industries with high barriers to entry
a. Pushes profits to normal returns
b. Increases the likelihood of firms entering the industry
c. Help firms sustain long term profits
d. Increases the number of competitors
c
You might also like to view...
A ________ is a complete plan describing how a player will act
A) strategy B) payoff C) hypothesis D) policy
In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve. B) a perfectly vertical labor supply curve. C) a perfectly elastic labor supply curve. D) none of the above.
In a perfectly competitive labor market, a profit-maximizing firm will hire labor up to the point at which the
a. wage rate = MRC b. wage rate < MRP c. wage rate = MRP d. wage rate > MRP e. wage rate = MP
When voters pay taxes in proportion to the benefits they receive from government projects
What will be an ideal response?