With regard to preventing entry, if identical firms act simultaneously
A) they cannot credibly threaten each other.
B) they will all incur losses.
C) only one firm will enter the market.
D) none of them will enter the market.
A
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Few firms in the United States are monopolies because
A) when a firm earns profits, other firms will enter its market. B) most products that firms produce have substitutes. C) few firms experience economies of scale. D) of antitrust laws.
What can one learn from Figure 13-3 from the text, shown below?
What will be an ideal response?
The goods or services purchased by a business for immediate use in the production process are known as
A. intermediate outputs. B. intermediate inputs. C. production outputs. D. production inputs.
The law of diminishing marginal returns results in average total cost eventually
A. decreasing at an increasing rate. B. increasing at an increasing rate. C. decreasing at a decreasing rate. D. increasing at a decreasing rate