The Okun's law shows the relationship between

The General Agreement on Tariffs and Trade is an international agreement

A) that outlaws all tariffs but permits quotas. B) to encourage world trade by lowering tariffs and other trade barriers. C) to encourage world trade by lending resources to developing countries. D) between the United States and Japan that has never been ratified, resulting in several trade wars with Japan.

In which of the following situations, is a barrier to entry into a monopoly least likely to exist?

a. A large firm enjoys economies of scale. b. The tariffs on foreign goods are eliminated by the government. c. A company is the sole inventor of what it produces and no one else can make a good substitute. d. Government restrictions such as license requirements are enacted. e. A company is the only owner of an essential resource needed to produce its product.