Control of a scarce resource or input can serve as an entry barrier
a. True
b. False
Indicate whether the statement is true or false
True
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How can a domestic producer determine whether or not it has a comparative advantage in the production of a good or service?
A) It cannot. B) by comparing the price it receives to the prices of other domestic producers C) by comparing the price it receives to the world price D) by comparing the quantity it produces to the quantity produced in the world E) by comparing the total domestic quantity to the total world quantity
Inflation is best described as a situation in which
A) relative prices are changing. B) some prices are rising faster than others. C) relative prices are changing, but the purchasing power of the dollar is unchanged. D) the average of all prices are on a sustained rise over a period of time.
A patent provides legal protection for an invention for
A) 20 years. B) 9 years. C) 5 years. D) 3 years.
The bargaining power of customers is not one of Porter's five forces
Indicate whether the statement is true or false