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Instructions: Identify the Following Terms

question 104

Short Answer

Instructions: Identify the following terms.
Shaka and the Zulus


Definitions:

Barriers to Entry

Factors that prevent or hinder companies from entering a particular market or industry.

Gas Station

A commercial outlet that offers gasoline and motor oil for automobiles.

Economic Profit

Profits earned by a firm after accounting for both explicit costs and opportunity costs.

Cartel

A group of independent companies that collaborate to control prices and production in order to monopolize a market.

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