Which of the following types of barriers to entry is exemplified by a city by-law limiting the number of licenses it will issue for taxicabs? A.Scarce resources B.Economies of scale C.Government intervention D.Aggressive tactics

How long is the long run? A.A defined, set period of time, usually a year. B.However long it would take a firm to vary all of its costs. C.However long it would take a firm to have at least one variable cost. D.None of these defines the long run.

he gap between the average total cost (ATC) and the average variable cost (AVC) curves is explained by ____. A.diminishing marginal product B.the presence of economies of scale C.the presence of fixed costs D.increasing marginal cost