Entry barriers are most significant in
A. pure competition.
B. oligopoly.
C. monopolistic competition.
D. pure monopoly.
Answer: D
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When the marginal product of labor exceeds the average product of labor
A) the average product of labor is increasing. B) the average product of labor is decreasing. C) the total product curve is negatively sloped. D) the firm is experiencing decreasing returns to scale.
National income is defined as
a. the total income of a nation's permanent residents minus losses from depreciation. b. the income that households and noncorporate businesses receive. c. the total income earned by a nation's permanent residents in the production of goods and services. d. the income that households and noncorporate businesses have left after satisfying all their obligations to the government.