Which of the following is not a barrier to entry?
A. Government regulation.
B. Control of essential factors of production.
C. Homogeneous Products.
D. Economies of scale.
Answer: C
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A point outside the production possibilities curve [PPC]:
a. represents inefficient use of resources. b. represents the prevalence of unemployment. c. is attainable if all resources are used efficiently. d. represents more resources than are currently available. e. will never be attainable, even if the quantity of resources increases.
An decrease in the price of oranges would lead to a(n)
a. increased supply of oranges. b. increase in the prices of inputs used in orange production. c. a movement down and to the left along the supply curve for oranges. d. a movement up and to the right along the supply curve for oranges.
When a firm increases output and accepts a lower price to keep new firms from entering, it is engaging in:
A. limit pricing. B. cartel behavior. C. collusion. D. price fixing.
Under a system of marketable pollution permits, a firm with relatively low abatement costs will buy permits from a firm with relatively high abatement costs.
Answer the following statement true (T) or false (F)