All of the following are considered a barrier to entry into a market EXCEPT
A) government licenses.
B) persistent declining long-run average costs as output increases.
C) lowering tariffs.
D) governmental regulations of business conduct relating to workplace conditions.
Answer: C
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If everyone in the economy correctly anticipates the inflation rate, the unemployment rate
A) will be the natural rate of unemployment. B) will be the cyclical rate of unemployment. C) will be inversely related to the expected inflation rate. D) will be positively related to the expected inflation rate.
Monopolistic competition is similar to monopoly in that: a. firms face perfectly elastic demand curves
b. firms sell products for which there are no close substitutes. c. there is relatively free entry and exit. d. firms have some influence over the product price.