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

Select one:

A. ownership of essential resources

B. patents

C. homogenous product

D. economies of scale

2.The supplier of your ____ is most likely a monopoly.

Select one:

A. shoes

B. textbooks

C. toothpaste

D. electricity

3.Which of the following definitions is CORRECT?

Select one:

A. Economic profit = accounting profit - implicit costs

B. Economic profit - accounting profit = explicit costs

C. Economic profit - implicit costs = accounting profit

D. Accounting profit + economic profit = normal profit

4.The budget line cuts the horizontal axis at 12 units of good X and it cuts the vertical axis at 20 units of good Y. If the price of good X is RM20 and the price of good Y is RM12, then what is total income?

Select one:

A. RM520

B. RM200

C. RM240

D. RM280