1. Am entry barrier exists when firms in an industry charge the lowest price possible for their products? True or False
2. National football league has a long-term leases with the stadiums in major cities. Control of these stadiums is an entry barrier to a potential new football league? True or false?
3. The Supply curve of a uniquely talented actor or superstar athlete will be perfectly inelastic? True or false?
4. Competition from substitute goods is more of a treat when switching costs are high? True or False?
5. A monopolistically competitive firm can convince buyers that its product has value by differentiating its product to suit consumers preferences? True or false
6. A Firm might prefer a commission system of compensation when the nature of the work is repetitive and monotonous and can be performed by an individual? true or false?
7. In a sequential game, one firm will act first and then other firms will reposed? True or false?