A barrier to entry prevents ________ a monopolistic industry.
A. firms from exiting
B. new firms from entering and competing in
C. government regulation of
D. economic losses in
Answer: B
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The reason that it is possible for the economy in the above figure to be at equilibrium point E2 rather than at equilibrium point E1 is that
A) in the long run there is always less than full employment. B) in the short run the economy can produce more than it can in a long-run situation. C) AD always shifts rightward and never shifts leftward. D) the economy must be in a recession.
When examining the costs of regulation to the U.S. economy, economists can safely ignore the opportunity costs of regulation because they are relatively insignificant compared with the direct costs of regulation
a. True b. False Indicate whether the statement is true or false
If the quantity of a good supplied is highly sensitive to the price of the good, economists say the supply of the good is relatively
a. inelastic. b. elastic. c. robust. d. inverse.
To say that the Federal Reserve Banks are quasi-public banks means that:
A. they are privately owned but managed in the public interest. B. they deal only with banks of foreign nations and do not have direct business contact with U.S. banks. C. they deal only with commercial banks, and not the public. D. they are publicly owned but privately managed.