In discussions of barriers to entry, what is meant by the term virtuous cycle?
A) A virtuous cycle refers to successful research and development that leads to information that is used to develop other new products.
B) A virtuous cycle refers to the situation where the pursuit of self-interest in establishing an entry barrier leads to an increase in social welfare (the invisible hand).
C) A virtuous cycle refers to a situation where if a firm can attract enough customers initially, it can attract additional customers because its product's value has been increased by other customers using it, which attracts even more customers.
D) A virtuous cycle refers to a firm using the profits from a monopoly in one market to establish a monopoly in another market.
Question 2
The four-firm concentration ratio of the aircraft industry is over 80 percent. Most economists would consider this industry an oligopoly.
Indicate whether the statement is true or false
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