According to the text, government licensing frequently enables monopoly in
B) electricity production.
D) retail sales.
15) Drug companies protect their monopolies over various drugs they develop by utilizing
A) patent protection.
B) low cost production.
C) diseconomies of scale.
D) zero economic profits in the long run.
16) A patent on a product gives a firm
A) protection from having the invention copied or stolen for a period of 20 years.
B) economies of scale in producing the product.
C) excessive profits in the long run.
D) the power to impose a tariff on a competing product.
17) If a "certificate of convenience and public necessity" protects a monopolist's position, the barrier to entry this firm relies on is called
A) a tariff.
B) a government license.
C) a patent.
D) economies of scale.
18) A patent provides legal protection for an invention for
A) 7 years.
B) 11 years.
C) 20 years.
D) as long as the invention is valuable.
19) From the date a U.S. patent is granted to a firm, it ceases to be a potential source of monopoly profits after
A) 20 years.
B) 14 years.
C) 10 years.
D) 7 years.
20) The use of a tariff provides monopoly protection since
A) it allows more imports into the country.
B) it reduces competition from imports by raising the import price.
C) it reduces exporters' profits.
D) it expands tax credits.
21) If a government imposes high enough tariffs, one result will be that
A) foreign producers will be able to sell more goods.
B) domestic producers will face no foreign competition.
C) consumers will benefit from lower prices.
D) markets will become more globalized.
22) A barrier to entry is
A) a term used to explain why monopolies always make economic profits.
B) a restriction on the profits that a monopoly can make.
C) the situation when the government produces a good instead of relying on private firms to produce the good.
D) a restriction on starting a business.
23) For a firm to become a monopoly in an industry,
A) barriers to entry must exist.
B) the firm must charge higher prices than its competitors.
C) the firm must produce a faulty product.
D) the firm will engage in unfair practices to drive all competitors out of the market.
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