A barrier to entry is
A. A law established by the government to protect new industries.
B. An obstacle that prevents additional workers from entering an industry, such as a union.
C. A commitment on the part of big business to allow smaller companies to compete.
D. An obstacle that makes it difficult for new firms to enter a market.
Answer: D
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If managers minimize costs they have maximized profits
Indicate whether the statement is true or false
Which of the following statements is correct? Select one:
a. The human desire for goods and services is limited while the resources required for their production are unlimited. b. The human desire for goods and services is virtually unlimited while the resources required for their production are limited. c. Both the human desire for goods and services and the resources required for their production are virtually unlimited. d. Both the human desire for goods and services and the resources required for their production are limited
The ability of a country to produce a specific good at a lower opportunity cost than its trading partners is known as
A. The human advantage. B. Absolute advantage. C. The inequality trap. D. Comparative advantage.
The further in the future a payment is received, the more it is worth today.
Answer the following statement true (T) or false (F)