When There Are Significant Barriers to Entry and There Are

question 16

Multiple Choice

When there are significant barriers to entry and there are few firms in the industry

• A)economic profit will continue for the firms in the industry.
• B)economic profit will go to zero.
• C)normal profit will be garnered by the firms.
• D)at least one will exit until the economic profit disappears.

Identify key figures in the development of sociology and understand their contributions.

Understand the concepts of microsociology and macrosociology and their applications.

Recognize the significant theoretical paradigms within sociology, including positivism, conflict theory, and structural functionalism.

Grasp the role of economic structures, including capitalism, in shaping society.

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Definitions:

Inventory Turnover

A metric that indicates the frequency at which a firm's stock is sold and restocked within a given timeframe, highlighting the effectiveness of its inventory control.

Accounts Receivable Turnover

A financial ratio that measures how efficiently a company collects revenue from its credit sales, calculated as sales divided by average accounts receivable.

Embezzling Funds

Illegally taking or misappropriating money or assets entrusted to one's care, typically in a workplace or fiduciary setting.

Adverse Publicity

Negative media coverage or public perception that can potentially harm a company's reputation or financial health.