Which of the following are common barriers to entry?
A) economies of scale B) absolute unit-cost advantages
C) capital access and costs D) all of the above
Answer: D
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The quantity theory of money and prices rests on the assumption that
A) the minimum wage is constant. B) the velocity of money is constant. C) the nominal interest rate is constant. D) the foreign exchange rate is constant.
Real income is redistributed from ________ in the case of ________ inflation
A) creditors to debtors, anticipated B) creditors to debtors, unanticipated C) debtors to creditors, anticipated D) debtors to creditors, unanticipated
The consumption possibilities frontier shows a nation's possible combinations of labor and capital resources that are used for specializing in the production of the comparative advantage good
Indicate whether the statement is true or false
Consider the following production table: Labour Capital Output (i) 1,000 1,000 10,000 (ii) 2,002 2,000 20,010 Assuming that the production function displays constant returns to scale, what is the marginal product of labour when labour and capital are both equal to 1,000?
A. 1 B. 5 C. 10 D. 20