(Answered) 1 am entry barrier exists when firms in an industry charge

Economics

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?

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