Which of the following is not a barrier to entry?
A. Legal restrictions
B. Patents
C. Large sunk costs
D. Survivor rights
Answer: D
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The table above shows a nation's production possibilities frontier. If the nation wants to produce 4 robots and 34 pizzas,
A) the nation will be producing inefficiently. B) the opportunity cost is 9 pizzas. C) it will shift the production possibilities frontier. D) it will be unable to do so because the production point is unattainable. E) the nation will then be producing at a production efficient point.
An incentive is
A) a reward or a penalty that encourages or discourages an action. B) when people make rational choices by comparing costs and benefits. C) what you must give up to get something. D) a choice is made on the margin. E) a good or service that satisfies wants.
Which of the following correctly describes incentives?
A) Incentives refer to the maximum price that a buyer is willing to pay for a good. B) Incentives are rewards or penalties that motivate people to behave in a particular way. C) Incentives are prices that are fixed by the government and not by market forces. D) Incentives refer to the minimum price at which a seller is willing to sell a product.
Why does the structure of a corporate business complicate the analysis of a strategy?