Barriers to entry
a. prevent monopolies from earning profit in the long run
b. prevent monopolies from earning profit in the short run
c. may allow monopolies to earn profit in the long run
d. prevent government from regulating a monopoly
e. prevent a natural monopoly from raising its price
C
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Since 1305, of the following centuries the inflation rate has been the highest during the
A) 17th century. B) 16th century. C) 20th century. D) 14th century. E) 15th century.
The distinguishing of products by brand name, color, and other attributes
A) is known as interdependence. B) is known as product differentiation. C) leads to many firms in the market. D) leads to collusion.
A good that has social costs that exceed private costs has a quantity that is
A) too high. B) too low. C) just right. D) the best society can do.
If average labor productivity decreases, then the same number of employed workers will always produce:
A. less output per person. B. more total output. C. more output per person. D. less total output.