Q1. Which of the following is least likely a barrier to entry?

A)     Price controls.

B)     Resource controls.

C)     Economies of scale.

Q2. There are four main barriers to entry. Which of the following is least likely a barrier to entry?

A)     Patents.

B)     Economies of Scale.

C)     Allocative Efficiency.

Q3. Which of the following is NOT a barrier to entry?

A)     Few sellers.

B)     Economies of scale.

C)     Government licensing and legal barriers.

Q4. Which of the following most accurately describes the competitive structure that is characterized by a firm that operates with the lowest average total cost and has the capacity to produce all of an industry’s output?

A)   Natural monopoly.

B)   Competitive monopoly.

C)   Oligopoly.

Q5. Which one of the following is most likely to contribute to the presence of monopoly in an industry?

A)   Inefficiency attributable to bureaucratic decision-making procedures in the industry.

B)   Diseconomies of scale.

C)   Legal barriers to entry into the industry.

答案和详解如下：

Q1. Which of the following is least likely a barrier to entry?

A)     Price controls.

B)     Resource controls.

C)     Economies of scale.

Correct answer is A)

Often barriers to entry are government licensing and legal barriers.

Q2. There are four main barriers to entry. Which of the following is least likely a barrier to entry?

A)     Patents.

B)     Economies of Scale.

C)     Allocative Efficiency.

Correct answer is C)

The other barriers to entry are government licensing and legal barriers such as utilities are given the exclusive right to supply electricity in certain areas.

Q3. Which of the following is NOT a barrier to entry?

A)     Few sellers.

B)     Economies of scale.

C)     Government licensing and legal barriers.

Correct answer is A)

Few sellers are a characteristic, not a barrier, of a price-searcher market where there are high barriers to entry. Other barriers are patents or exclusive rights of production.

Q4. Which of the following most accurately describes the competitive structure that is characterized by a firm that operates with the lowest average total cost and has the capacity to produce all of an industry’s output?

A)   Natural monopoly.

B)   Competitive monopoly.

C)   Oligopoly.

Correct answer is A)

A natural monopoly is characterized by a single firm within the industry that has sufficient capacity to meet the entire demand of an industry because at that scale the lowest average total cost is achieved.

Q5. Which one of the following is most likely to contribute to the presence of monopoly in an industry?

A)   Inefficiency attributable to bureaucratic decision-making procedures in the industry.

B)   Diseconomies of scale.

C)   Legal barriers to entry into the industry.

Correct answer is C)         

An example of an industry with legal barriers is utility firms, which are granted exclusive rights to supply electricity in certain areas.

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