All of the following are considered input barriers to entry except?:
A) control of a key raw material by a single firm.
B) the ability to obtain financing for capital projects at more favorable rates than potential competitors.
C) the fact that workers in a particular industry belong to a union.
D) a patent on a specialized type of capital that is needed to produce a particular product.
Answer: C) the fact that workers in a particular industry belong to a union.
You might also like to view...
Which of the following will cause a shift in the demand curve of labor?
A) an increase or decrease in the productivity of labor B) an increase or decrease in the demand for the product labor produces C) a decline in the price of a complementary input D) all of the above
Ability bias can arise when estimating compensating wage differentials associated with various job characteristics. What is ability bias in this context?
A. High-skilled workers are likely to have higher wages than unskilled workers but to have worse job amenities. B. High-skilled workers are likely to have higher wages than unskilled workers, but they are also likely to trade some of their higher wages for better job amenities. C. High-skilled workers are likely to have lower wages than unskilled workers but to have better job amenities. D. Low-skilled workers are likely to have low wages but good job amenities. E. High-skilled workers are likely to have high wages but poor job amenities.
Outline the various actions the government sector could take to promote growth
What will be an ideal response?
The figure illustrates the market for pens. The equilibrium quantity is
A) between 400 and 600 pens, but it is impossible to be precise. B) 5 pens a month. C) 2 pens a month. D) 500 pens a month.