Which of the Following Is an Example of a Barrier

question 307

Multiple Choice

Which of the following is an example of a barrier to entry?

• A) (i)and (ii)only
• B) (ii)and (iii)only
• C) (i)only
• D) (i),(ii),and (iii)

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Definitions:

Total Revenue

The total amount of money a firm receives from sales of its products or services before any expenses are subtracted.

Demand

The total quantity of a good or service that consumers are willing and able to purchase at various price levels at a given time period.

Unit Elastic

A demand or supply situation where a percentage change in price results in an equal percentage change in the quantity demanded or supplied.

Revenue Inelastic

A situation where the revenue from a product does not significantly change with fluctuations in its price, indicating a low sensitivity to price changes.