The presence of large sunk costs often serves as a naturally imposed barrier to entry
a. True
b. False
Indicate whether the statement is true or false
True
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Under what conditions would a nation be able to currently produce more of both consumer and capital products?
Which of the following is true?
i. Production efficiency occurs only when resources are used to produce the combination of goods that has the greatest value. ii. Allocative efficiency occurs when marginal benefit equals marginal cost. iii. A demand curve is a marginal cost curve. A) only ii B) only i C) only iii D) i and ii E) ii and iii
Which was not one of the main U.S. land acquisitions?
a. Mexican Cession b. Western Purchase c. Gadsden Purchase d. The Oregon Country
The regulation of natural monopolies is common in all of the industries except the:
A. tap water industry. B. electricity industry. C. natural gas industry. D. oil and gas industry.