Which of the following can be a barrier to entry?
i. ownership of a necessary input
ii. requiring a government license
iii. large diseconomies of scale
A) i only
B) ii only
C) i and iii
D) i and ii
E) i, ii, and iii
D
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To keep employees from shirking, invest in greater monitoring
a. when monitoring is expensive relative to its benefits b. especially when monitoring is not very efficient c. when employees respond well to incentive contracts d. when incentives fail to solve either moral hazard and adverse selection problems with employees
When a person's income increases:
A. the individual's budget constraint rotates in and becomes steeper. B. the individual's budget constraint shifts straight out, maintaining the same slope. C. the individual's budget constraint rotates out and becomes flatter. D. the individual's budget constraint shifts straight in, maintaining the same slope.