Author Question: Which of the following cannot be an effective entry barrier? A) a firm making very high economic ... (Read 199 times)

Starlight · **on:** Jun 29, 2018

Which of the following cannot be an effective entry barrier?

A) a firm making very high economic profits
B) a firm being granted a patent for its product
C) a firm owning all of a vital resource needed to produce a good
D) when huge economies of scale exist

Question 2

In the above figure, what is the efficient quantity of hot dogs to produce?

A) 2 thousand per day
B) 4 thousand per day
C) 6 thousand per day
D) The efficient quantity cannot be determined without knowing the PPF for this economy.