Which of the following is a common barrier to entry in a monopoly market?
A. Economic profits greater than zero for the monopolist.
B. A vertical supply curve.
C. A patent on a new product.
D. A rising long-run average total cost curve.
Answer: C
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Considering that the U.S. places a quota on imports of steel from South Korea, which of the following would NOT likely occur?
A) The price of steel in the United States would increase. B) The quantity of steel produced in the United States would increase or stay the same. C) The demand for steel in the United States will increase. D) The quantity demanded for steel in the United States will decrease.
If marginal cost is increasing then: a. marginal product must be increasing
b. average variable cost must be increasing. c. average total cost must be increasing. d. none of the above must necessarily be true.