The Greater Are the Barriers to Entry into an Industry

question 112

Multiple Choice

The greater are the barriers to entry into an industry

• A)the more elastic will be the demand curves for existing firms.
• B)the more likely that existing firms will enjoy large profits in the long run.
• C)the lower will be short-run profits.
• D)the lower will be the average cost curves of existing firms.

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Definitions:

Daoism

An ancient Chinese philosophy and spiritual tradition emphasizing living in harmony with the Tao, or the fundamental nature of the universe.

Shi Huangdi

The founder of the Qin dynasty and the first emperor of a unified China, known for his major reforms and monumental construction projects like the Great Wall of China.

Emperor Huizong

A Chinese emperor of the Song dynasty, remembered for his patronage of the arts and his disastrous political and military decisions.

Lady Feng

A revered figure in Chinese history, known for her bravery and loyalty during the Western Han Dynasty.