Which one of the following is not a possible barrier to entry high enough to keep competing firms out of a monopoly industry?
A) The monopoly firm has control of a key resource necessary to produce a good.
B) There are important network externalities in supplying a good or service.
C) large economies of scale that result in a natural monopoly
D) a high concentration ratio
Answer: D
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The cross-price demand for capital (relative to the wage) may slope up or down.
Answer the following statement true (T) or false (F)
A science that studies the behavior and interactions of human beings, individually and in groups, is known as a(n)
a. social science. b. physical science. c. interactive science. d. dynamic science.
Which of the following statements is(are) FALSE?
I. Trade creation is always bad for countries. II. Trade diversion is always good for countries. III. Regional trade agreements never cause welfare losses. a. I b. II c. III d. I, II, and III
If the real U.S. GDP was $10 trillion in 2000 and the U.S. population was 280 million, the per capita real GDP would have been closest to
A. $35,714 per person. B. $28,000 per person. C. $2,800 per person. D. $5,000 per person.