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MMLU / Relatively free or easy entry (low or nonexistent barriers to entry) is best…

Problem

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question

Relatively free or easy entry (low or nonexistent barriers to entry) is best matched by which of the following?

choices

  1. More consumer choices, greater price elasticity of demand, more competitors.
  2. More consumer choices, lower price elasticity of demand, more competitors.
  3. More consumer choices, greater price elasticity of demand, fewer competitors.
  4. Fewer consumer choices, lower price elasticity of demand, fewer competitors.

subject

high_school_microeconomics

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