A __________ is anything that might make it more difficult for a competitor to enter a market.
A. monopolistic hurdle
B. perfect competition
C. barrier to entry
D. marginal barrier
Answer: C
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Refer to Table 2.4. What can be observed about the given resources?
A) Land is fixed but fertilizer is variable. B) Land and fertilizer are both fixed. C) Land is variable but fertilizer is fixed. D) Land and fertilizer are both variable.
Refer to Figure 4-18. For each unit sold, the price sellers receive after the tax (net of tax) is
A) $12. B) $8. C) $4.40. D) $3.
The average total cost curve of a firm is U shaped but the average variable cost is not.
Answer the following statement true (T) or false (F)
Real business cycle and new Keynesian models disagree upon
a. whether people form their expectations rationally. b. whether changes in unemployment are voluntary or involuntary. c. whether individuals engage in optimizing behavior at all times. d. whether changes in the money supply affect output in the long-run.