Two types of barriers to entry are called ________ barriers to entry and ________ barriers to entry
A) legal; illegal
B) natural; legal
C) natural; illegal
D) natural; rent seeking
E) ownership; rent seeking
B
You might also like to view...
Per capita GNP is defined as a country's GNP divided by its
A) population. B) labor force. C) capitalists. D) None of the above.
Quarterly GDP:
A. is adjusted for predictable, seasonal variation to predict what GDP would be if the economy continues at its current pace. B. is always shown as a seasonally adjusted estimate for an annual rate. C. takes account of unpredictable seasonal patterns in order to guess at annual GDP. D. is the only representation of GDP that economists view as credible.
To maximize profits, a perfectly competitive firm should produce until:
A. average total cost is minimized. B. marginal cost is equal to price. C. per unit profits are maximized. D. price is greater than average total cost.
OLED television prices rise by 10 percent, and in response the quantity of those OLED televisions supplied increases by 5 percent. The supply elasticity for OLED television sets in that price range is
A. 2.0. B. 0.5. C. -2.0. D. 1.5.