A market is defined as contestable if entry to it
A. and exit from it are both difficult.
B. is difficult, but exit from it is easy.
C. is easy, but exit from it is difficult.
D. and exit from it are both easy.
Answer: D
You might also like to view...
Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 400 t-shirts?
A) sales revenue B) gross earnings C) gross profit D) marginal revenue
The United States and Mexico recently negotiated a trade agreement that eliminated many of the restrictions on trade between the two countries
a. Using the tools of microeconomics, describe how such an agreement will benefit both the USA and Mexico. b. Will everyone benefit from such an agreement? who stands to lose from such an agreement. Why?
Demand and supply can also be used to explain how economic events will cause ___________ in prices, wages, and rates of return.
a. changes b. freezes c. barriers d. locking
Sally Campbell is a homemaker. Last week, she was busy with her normal household chores when she was visited by the BLS and asked to describe her working status. She explained what she did and the BLS recorded her as being
a. a member of the labor force who is temporarily unemployed b. a member of the labor force who chooses not to be employed c. a member of the labor force who is underemployed d. a discouraged worker who is not a member of the labor force e. not a member of the labor force