1. If an industry has one company operating as a monopoly, most likely the industry has profits that revert to the mean the industry has high barriers to entry the industry has high barriers to exit the industry has no barriers to entry or exit 2. OverArmour produces baseball cleats and soccer cleats. Because these two types of shoes are substitutes, demand for both goods will be less elastic than the individual demands indifferent to elasticity equal to the average of the individual elasticities more elastic than the individual demands

1. If an industry has one company operating as a monopoly, most likely the industry has profits that revert to the mean the industry has high barriers to entry the industry has high barriers to exit the industry has no barriers to entry or exit 2. OverArmour produces baseball cleats and soccer cleats. Because these two types of shoes are substitutes, demand for both goods will be less elastic than the individual demands indifferent to elasticity equal to the average of the individual elasticities more elastic than the individual demands

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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