Which of the following is not considered a barrier to entry?
a. patents
b. government licenses
c. economies of scale
d. diseconomies of scale
e. control over essential resources
D
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According to some New Keynesian theories, one possible rationale for active policy making is
A) growing competition in U.S. product markets. B) flexible prices. C) sluggish adjustment of the price level in response to changes in aggregate demand D) people are not rational and so do not react to incentives.
Moral hazard occurs when:
a. Individuals and institutions do not bear the full cost of their own mistakes. b.Individuals and institutions make immoral decisions based on greed. c. General social decay leads to unethical business decisions. d. The actions of one (or a few) result cause harm to others, when the same would not occur if the actions were by many. e. All of the above are examples of moral hazard.
When aggregate expenditure is less than? GDP, which of the following is? true?
A) There was an unplanned increase in inventories.
B) Households bought more new homes than they anticipated.
C) Firms spent more on capital goods than they anticipated.
D) All of the above must be true when aggregate expenditure is less than GDP.
An organization that brings together the factors of production is called
A. a firm. B. an industry. C. a conglomerate. D. a plant.