Barriers to entry in a perfectly competitive industry
a. are nonexistent
b. are impossible to overcome
c. are possible to overcome, but more difficult an obstacle to entry than are barriers in monopolistic competition
d. result from patents and economies of scale
e. are essentially financial rather than technical
A
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The five categories of income used in the income approach to the measurement of GDP are
A) consumption, saving, rental income, corporate profits, and investment. B) employee compensation, net interest, rental income, corporate profits, and proprietor's income. C) employee compensation, consumption, rental income, corporate profits, and proprietor's income. D) employee compensation, saving, rental income, corporate profits, and investment.
The price system automatically leads to an efficient allocation of inputs among the different production processes
a. True b. False Indicate whether the statement is true or false