Economists generally criticize high barriers to market entry because
a. the ability of consumers to discipline producers is weakened.
b. unregulated monopolists and oligopolists can often gain by increasing output and raising price.
c. legal barriers to entry will encourage firms to "invest" resources in developing highly desired products that consumers are willing to pay more for.
d. entry barriers are popular with consumers but not businesses.
A
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A checkable account
A) is a very illiquid asset. B) is one on which the holder can write checks. C) must be traded on the stock exchange. D) cannot serve as a store of value.
The U.S. Postal Service has found its monopoly eroded over time because
a. the demand for mail delivery has become more inelastic b. Congress has taken away their monopoly over first-class mail c. the U.S. Postal Service cannot handle the volume of transactions d. the price of stamps has increased relative to other substitutes, such as the telephone, email, and online transactions e. of the decline in the use of fax machines