Which of the Following Industries Is Least Likely to Exhibit

question 211

Multiple Choice

Which of the following industries is least likely to exhibit the characteristic of free entry?

• A) selling running apparel
• B) wheat farming
• C) yoga studios
• D) satellite radio

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Definitions:

Net Wealth

The total value of all financial and non-financial assets owned by an individual or entity minus any liabilities.

Future Prices

The expected price of a commodity, security, or currency set in a futures contract for delivery and payment at a specified future date.

Consumption Function

An economic formula representing the relationship between total consumption and gross national income, suggesting that people will spend more as their income increases.

Price Level

A metric that represents the median of present prices for all types of goods and services in the economy.