Barriers to entry:
A. restrict the number of firms in an industry.
B. exist only in perfectly competitive markets.
C. limit output in an industry.
D. do not affect the number of firms in an industry.
Answer: A
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A number of firms who collude to make collective production decisions about quantities or prices is called:
A. a cartel. B. a duopoly. C. market power. D. a joint monopoly.
Inventory investment can be:
A. zero only. B. negative, zero, or positive. C. negative only. D. positive only.
The expenditure approach to GDP is calculated by adding up all earnings from resources used to produce output in the nation during the year
Indicate whether the statement is true or false
According to economists, economic self-interest:
A. is a reality that underlies economic behavior. B. has the same meaning as selfishness. C. means that people never make wrong decisions. D. is usually self-defeating.