In 1976 New Jersey voters passed a referendum to legalize gambling.Several gambling casinos opened in Atlantic City beginning in 1978 and were initially very profitable, attracting people from the Mid-Atlantic and Northeastern states.Entrepreneurs in these states were unable to compete with the Atlantic City casinos because casino gambling was illegal in their states.For these entrepreneurs in the other states, the barrier to entry they were facing was
A) due to economies of scale.
B) due to ownership of a key resource.
C) government imposed.
D) self imposed.
Correct Answer:
Verified
Q61: If firms are protected by substantial barriers
Q64: The barrier to entry that allowed Alcoa
Q65: The four-firm concentration ratio of the aircraft
Q66: Monopolistic competition differs from oligopoly in that
Q69: Most economists are concerned about entry barriers.Why
Q71: A consequence of the quota that has
Q72: An entry barrier exists when firms in
Q74: The most important barrier to entry is
Q77: In an oligopoly, minimum efficient scale is
Q80: Because of the flaws of the concentration
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents