If There Are Barriers to Entry into a Market,it Is

question 19

Multiple Choice

If there are barriers to entry into a market,it is possible for the existing firm(s) to earn positive economic profits.All of the following explain this except:

• A)new firms cannot enter to take advantage of the profits.
• B)resource immobility.
• C)it is possible for a firm in this situation to charge any price it wants and thus preclude anyone else from entering.
• D)competition does not erode profits the way it would under perfect competition.

Recognize the differences between various fields within psychology.

Comprehend the significance of ethical considerations in psychological research.

Understand the applications of psychology in addressing human problems and improving quality of life.

Identify the core principles of major psychological perspectives (e.g., behaviorism, humanistic, cognitive).

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Definitions:

Performance IQ

A measure of a person's non-verbal and spatial abilities as part of an overall intelligence assessment.

Wechsler Adult Intelligence Scale

A standardized test designed to measure intelligence and cognitive ability in adults and older adolescents.

Stanford-Binet Intelligence Scale

An individually administered intelligence test that was revised from the Binet-Simon Scale, used to assess human intelligence.

Mental Age

A measure of an individual's mental aptitude based on the average age at which normal individuals achieve a certain level of performance.