Which of the following undermines the effectiveness of a barrier to entry?
a. the existence of patents in the industry
b. high fixed cost
c. no access to resources
d. product differentiation
e. rapid technological innovation
E
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The level of output produced when the labor market is in equilibrium is called
A) global production output. B) natural output. C) product market equilibrium output. D) potential output.
In a market-oriented economy, most economic decisions about what to produce, how to produce, who will produce, and for whom to produce are made by buyers and sellers
a. True b. False Indicate whether the statement is true or false
If the economy were producing at point E and moved to point D,
A. the unemployment rate would increase.
B. the unemployment rate would decrease.
C. the production possibilities would shift outward.
D. the economy would shift resources from producing butter to increasing the production of guns.
How much is the percentage of income earned by the highest quintile on Lorenz curve Q?
