20. All of the following can be barriers to entry except: (Points : 2) economies of scale. a firm

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20. All of the following can be barriers to entry except: (Points : 2)
economies of scale.
a firm's superior ability.
government antitrust policies.
patents.

21. Under monopolistic competition, there are: (Points : 2)
few barriers to entry.
only a small number of sellers in the market.
significant barriers to entry.
only a few buyers in the market.

22. A reduction in the demand for labor will cause wages to: (Points : 2)
decrease and employment to increase.
decrease and employment to decrease.
increase and employment to decrease.
increase and employment to increase.

24. The labor market is: (Points : 2)
the market in which labor supply and labor demand alone determine wages and employment.
a market in which social and political pressures are particularly strong.
a market in which the invisible hand operates unimpeded by other forces.
the market in which firms determine the supply of labor.

25. The demand curve for a perfectly competitive firm: (Points : 2)
is downward sloping.
is upward sloping.
is perfectly horizontal (i.e. elastic).
is perfectly vertical (i.e. inelastic).

26. If a monopolist is earning profits, then price is greater than (Points : 2)
average total cost.
marginal revenue.
average variable cost.
marginal cost.

27. Which of the following factors would most likely explain why a U.S. company would choose to operate in the U.S. despite much lower wages in Mexico? (Points :2)
the low cost of transportation between the two countries
the lower productivity of Mexican workers
the absence of significant trade barriers
the presence of many Japanese companies in Mexico

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