All of the following are example of entry barriers, except
a. Government protection through patents or licensing requirements
b. Strong brands
c. Low capital requirements for entry
d. Lower costs driven by economies of scale
c
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If Happy Campers has a market share of 55 percent and Campers R Us has a market share of 15 percent, according to Chinese law, Happy Campers ________ be considered a dominant firm and Campers R Us ________ be considered a dominant firm.
A) would not; would not B) would not; would C) would; would D) would; would not
If you are willing to sell your lawn mower business for $355,00 . and someone offers you $420,00 . for it, this transaction will generate:
a. There is no surplus created b. $65,00 . worth of seller surplus and unknown amount of buyer surplus c. $30,00 . worth of buyer surplus and $35,00 . of seller surplus d. $65,00 . worth of buyer surplus and unknown amount of seller surplus
Other things equal, when the price of a good rises, the
a. quantity demanded of the good increases. b. supply increases. c. quantity supplied of the good increases. d. demand curve shifts to the left.
Answer the following statement true (T) or false (F)
1) Industrial unions are more likely to increase wage rates by restricting the supply of labor than are craft unions. 2) The labor supply curve facing a purely competitive firm is perfectly inelastic. 3) The monopsonist in a nonunionized labor market pays a wage rate below the MRP of labor. 4) Inclusive unions restrict the number of jobs directly by shifting the labor supply curve to the left; exclusive unions restrict the number of jobs by imposing above-equilibrium wage rates on the employer. 5) Critics of the minimum wage contend that higher minimums cause employers to move up their labor demand curves, reducing employment of low-wage workers.