Barriers to entry are forces that:
A. promote a more efficient allocation of resources across the economy.
B. limit consumers from purchasing new products.
C. limit the government from intervening in markets.
D. limit new firms from joining an industry.
Answer: D
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A) They accommodate any demand at the given price. B) They hire until the real wage equals the average labor productivity. C) They maximize only current profits. D) They adapt the price to current conditions.
The points inside an economy's production possibilities frontier represent the combinations of goods that provide the greatest level of utility to the economy as a whole
a. True b. False Indicate whether the statement is true or false
In terms of opportunity cost, ________ is the ultimate constraint
a. information b. education c. creativity d. time
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A. Pure competition B. Pure monopoly C. Monopolistic competition D. Oligopoly