Which of the following is not a barrier to entry in a monopolized market?
a. The government gives a single firm the exclusive right to produce some good.
b. The costs of production make a single producer more efficient than a large number of producers.
c. A key resource is owned by a single firm.
d. A single firm is very large.
Answer: d. A single firm is very large.
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The Fed directly controls long-term interest rates
Indicate whether the statement is true or false
If there is no external cost, then marginal social cost
A) increases as output increases. B) decreases as output increases. C) is constant regardless of the level of output. D) is unrelated to output levels. E) first increases and then decreases as output increases.
The a firm's short-run cost curves shifts when there is a change in
A) technology B) the prices of factors of production C) the quantity of outputs D) Both answers A and B are correct.
How does the equilibrium quantity traded change when there is an increase in supply and a decrease in demand?