All of the following are considered input barriers to entry except:
A) control of a key raw material by a single firm.
B) the ability to obtain financing for capital projects at more favorable rates than potential competitors.
C) the fact that workers in a particular industry belong to a union.
D) a patent on a specialized type of capital that is needed to produce a particular product.
C
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If a tax cut increases people's labor supply, then the tax cut
A) increases potential GDP. B) decreases aggregate demand. C) decreases potential GDP because the real wage rate falls. D) does not affect aggregate demand. E) Both answers B and C are correct.
Nonexcludability is a feature of
A) goods but not services. B) all nonrival goods. C) goods with an external cost. D) public goods.
The three players in the money supply process include
A) banks, depositors, and the U.S. Treasury. B) banks, depositors, and borrowers. C) banks, depositors, and the central bank. D) banks, borrowers, and the central bank.
The difference between quantity restrictions and price ceilings as to their effect on the market is that
A) only price ceilings make the market inefficient. B) only quantity restrictions make the market inefficient. C) while some consumers gain from price ceilings, no consumers gain from quantity restrictions. D) while price ceilings are efficient, quantity restrictions are not.