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Barriers For Entering Into An Industry And Increase In Manufacturing To Lower Costs

Question

1. A bicycle factory finds that it can lower costs if it also produces tricycles and unicycles. This is an example of:

A) Opportunity cost.
B) Comparative advantage.
C) Economies of scale.
D) Economies of scope.

2. All of the following are considered barriers to entry except:

A) Patents.
B) Government franchises.
C) Advertisements.
D) Copyrights.

Summary

These multiple choice questions belong to Economics. The 1st question is about lowering cost by increasing manufacturing, the 2nd question is about barriers to entry for a firm in an industry.

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