Obstacles that make it difficult or impossible for would-be producers to enter a market are known as:
a) Entry tariffs.
b) Entry blockades.
c) Monopoly profits.
d) Barriers to entry.
Answer: d) Barriers to entry.
Economics
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In the above figure, if the firm increases its output from Q1 to Q2, it will
A) reduce its marginal revenue. B) increase its marginal revenue. C) decrease its profit. D) increase its profit.
Economics
If an increase in x (the variable on the horizontal axis) from 6 to 8 units causes a decrease in y (the variable on the vertical axis) from 4 to 3 units, the slope equals
A) 2. B) -2. C) 1/2. D) -1/2.
Economics