Anything that prevents new firms from competing on an equal basis with existing firms in an industry is called a barrier to entry
a. True
b. False
A
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Calling long distance is often more expensive on weekdays between 8 am and 5 pm than in the evening hours. Why is this the case?
A) Telephone companies hope to discourage customers from calling long distance during the day to keep their labor costs down. B) Businesses who must call suppliers or customers during business hours have few alternatives and therefore have an inelastic demand during the workday compared to after-work hours. C) The cost of making long-distance connections is higher during the day than in the evenings. D) Increasingly, businesses who must call suppliers or customers during business hours resort to the internet, thereby reducing demand for long-distance calls. To make up for this fall in demand, telephone companies charge higher rates.
In 2005, SSI recipients received more than twice the average monthly payment than TANF recipients got
Indicate whether the statement is true or false
In what sense can it be said that money is a social invention? How does a barter system of trade compare to the invention of money?
Suppose a country increases trade restrictions. This country would be pursing an
a. inward policy, which most economists believe has beneficial effects on the economy. b. inward policy, which most economists believe has adverse effects on the economy. c. outward policy, which most economists believe has beneficial effects on the economy. d. outward policy, which most economists believe has adverse effects on the economy.