Which of the following is not an example of barriers to entry?
(A) In some counties, laws require retail stores to be closed on Sundays.
(B) Cable companies must lay miles of underground cable before they can serve a single customer in a new market.
(C) An entrepreneur who wants to own a clothing store must rent a building, hire workers, and buy clothing to sell.
(D) A person who wishes to practice medicine is required to attend medical school, do an internship, and pass a state exam.
Ans: (A) In some counties, laws require retail stores to be closed on Sundays.
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"A competitive market achieves economic efficiency by maximizing the sum of consumer surplus and producer surplus." This statement
A) is true only if there are no positive or negative externalities in the market. B) is true only if there are positive externalities in production in the market. C) is true in theory, but economic efficiency cannot be achieved in a real market. D) is true only if there are no negative externalities in the market.
A falling average cost implies that
a. marginal cost is above average cost b. marginal cost is below average cost c. marginal cost is equal to average cost d. none of the above