All of the following are examples of barriers to entry, except one. Which is the exception?
a. significant economies of scale
b. reputation of established firms
c. special deals with distributors
d. excessive prices
e. patents
D
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Which of the following is a difference between an English auction and a Dutch auction?
A) Bids are placed publicly in an English auction while bids are placed privately in a Dutch auction. B) The bidder who values the good the most wins in an English auction while the bidder who values the good the least wins in a Dutch auction. C) An English auction is an ascending price auction while a Dutch auction is a descending price auction. D) An English auction is a descending price auction while a Dutch auction is an ascending price auction.
What is true of the price elasticity of demand faced by a monopoly firm?
A) Demand is inelastic. B) Demand is more elastic at lower prices and more inelastic at higher prices. C) Demand is perfectly elastic because the monopolist has no competition. D) Demand becomes more elastic as the range of imperfect substitutes expands.
An industry comprised of a very large number of sellers producing a standardized product is known as:
A. monopolistic competition. B. oligopoly. C. pure monopoly. D. pure competition.
Which of the following statements about a circular flow model is false?
A) Producers are buyers in the factor market and sellers in the product market. B) Households are neither buyers nor sellers in the input market. C) Producers are buyers in the factor market. D) Households are buyers in the product market.