Which of the following is an example of a barrier to entry?
(A) Government deregulation
(B) Low start-up costs
(C) Perfect competition
(D) High start-up costs
Ans: (D) High start-up costs
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The supply curve indicates
a. the price that will be charged for each unit of a good or service b. how much people are willing to pay for a good or service c. the minimum price some seller must receive in order to supply each unit of a good or service d. the value of each unit of a good or service e. the maximum price some seller can expect to receive from supplying each unit of a good or service
There are few laws in economics. One is this: "As consumption of a good increases, the extra satisfaction received from consuming an additional unit of the good decreases.". This is known as the law of
a. demand b. diminishing total utility c. diminishing marginal utility d. diminishing marginal returns e. total utility