One barrier to entry into a monopoly market is:
A. the ownership of a key resource or input.
B. too many competitors already in the market.
C. high input costs.
D. few buyers.
A. the ownership of a key resource or input.
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Using productive resources to make capital goods requires that we
A) get everyone to agree on the best use of those resources. B) get government approval of our plan to make capital goods. C) forgo some level of current consumption. D) prove that the existence of the capital goods will not cause any environmental damage.
Scarcity
a. necessitates choice among consumer goods. b. of income renders purchase decisions interdependent. c. affects all consumer decisions. d. may involve forgoing the pleasure of one good in order to enjoy another. e. All of the above answers are correct.