Critics of the National Collegiate Athletic Association (NCAA) argue that the NCAA monopolizes college athletics and prevents student-athletes from earning money while in college. If this is true, what type of entry barrier does the NCAA have?
a. control of a scarce resource or input
b. economies of scale
c. a patent
d. a copyright
a. control of a scarce resource or input
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In which of the following market structures does a seller have NO market power?
A) Monopoly B) Oligopoly C) Perfect competition D) Monopolistic competition
As the case study in the text illustrates, individual firms in the potato industry have a great deal of market power
Indicate whether the statement is true or false
In the graph below, the price of capital is $500 per unit. How many units of labor should a firm use in order to produce 30,000 units of output at the lowest possible cost?
A. 800 units of labor B. 500 units of labor C. 320 units of labor D. 300 units of labor E. none of the above
There are never shortages or surpluses when the price in a market is equal to the equilibrium price for the market.
Answer the following statement true (T) or false (F)