One barrier to entry into a monopoly market is:
A. few buyers.
B. high input costs.
C. the ownership of a key resource or input.
D. too many competitors already in the market.
Answer: C
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All of the following are government purchases except
A) the salary paid to Senator John Cornyn of Texas. B) the presidential pension paid to former President George H.W. Bush. C) the purchase of a new office building for the CIA. D) the purchase of new radar tracking equipment for the Navy.
The fact that most consumers are unable to describe their preferences in terms of a utility function implies that not all consumer preferences can be represented with utility functions
Indicate whether the statement is true or false
Suppose the real GDP in an economy in the year 1999 was $2,000 and the total population was 500 . The economy experienced a 5% growth in real GDP and a 2% growth in its population in 2000 . Calculate the change in per capita income of the economy during this period
a. +1% b. +2.5% c. -3% d. +3% e. -4%
In Table 9.4, Market 3 would be in equilibrium if buyers believed plums accounted for:
A. 11.11% of the market. B. 22.22% of the market. C. 33.33% of the market. D. 66.67% of the market.