Barriers to entry
a. prevent monopolies from earning profit in the long run
b. prevent monopolies from earning profit in the short run
c. may allow monopolies to earn profit in the long run
d. prevent government from regulating a monopoly
e. prevent a natural monopoly from raising its price
C
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For any item (physical or financial) to be used as money, the item must be
a. a precious metal, such as gold or silver b. accepted as a medium of exchange c. divisible into smaller units by at least 10, otherwise most exchanges cannot occur, rendering useless the money form d. paper (fiat) backed by a precious metal e. portable
Daily newspapers have been rising in price in recent years because:
A. wages in the newspaper industry have risen dramatically. B. the overhead costs have recently been spread over a shrinking number of buyers. C. capital has replaced virtually all labor used to produce a newspaper. D. long-standing government subsidies have been removed in most major cities.