Home / Questions / A right granted to a firm by government that permits the firm to provide a particular good
A right granted to a firm by government that permits the firm to provide a particular good or service and excludes others from doing the same is called
a.a natural monopoly.
b.a comparative advantage.
c.an economy of scale.
d.a public franchise.
12.Which of the following is not an example of a legal barrier to entry?
a.a public franchise
b.economies of scale
c.a government license
d.a patent
13.Which of the following is not an example of a legal barrier to entry?
a.a beautician's license
b.a patent
c.exclusive ownership of raw materials
d.a public franchise
e.a copyright
14.If economies of scale are so pronounced in an industry that only one firm can survive in the industry, this firm is called a(n) __________ monopoly.
a.financial
b.natural
c.structured
d.independent
15.A monopoly may exist because
a.government has refused to grant a public franchise.
b.one firm has the exclusive ownership of a necessary resource.
c.the firm is so large and is currently experiencing such vast diseconomies of scale that it can out-compete all newcomers.
d.a and b
e.a, b, and c
16.A seller that has the ability (to some degree) to control the price of the product it sells is called a price
a.taker.
b.searcher.
c.breaker.
d.twister.
17.In the United States, patents are granted to inventors of a product or process for a period of
a.unlimited time.
b.10 years.
c.20 years.
d.25 years.
18.A price searcher
a.faces a horizontal demand curve.
b.is a seller that searches for good employees and pays them a low wage.
c.is a seller that searches for the best location to sell its product.
d.is a seller that has the ability to control to some degree the price of the product it sells.
e.none of the above
19.Which of the following statements is false?
a.A price searcher must lower price to sell an additional unit of its product.
b.For a price searcher, price equals marginal revenue for all units except the first.
c.For a price searcher, price is greater than marginal revenue for all units except the first.
d.A price searcher, like a price taker, produces that quantity of output for which marginal revenue equals marginal cost.
20.A price searcher is
a.a person who actively seeks out the best price for a product that he or she wishes to buy.
b.a firm that seeks out buyers who are willing to pay the price that the seller is asking for the product.
c.a firm that has the ability to control to some degree the price of the product it sells.
d.actually any firm or consumer, because each market "player" searches for the best price at which it can sell or buy.
Dec 09 2019 Read more Less More
ASD Ltd is considering the purchase of a new machine. Two options have been suggested, each costing $400,000. Earnings after taxation but before depreciation are expected...
May 29 2020Emco Products has a present capital structure consisting only of common stock (10 million shares). The company is planning a major expansion. At this time, the company is...
Mar 31 2020The Hannover Principles provide guidelines for Design for Sustainability (DFS). One of the principles is “Eliminate the concept of waste". Elaborate how this principle re...
Aug 20 2020BSBMKG502B: Establish and adjust the marketing mix. T2-2015 1. Explain the idea of the “marketing mix”. What are the the 4 main elements of the marketing mix, list and br...
Jul 31 2020Carrie loaned her friend $4500 to buy a used car. She had her friend sign a note with repayment terms and set a reasonable interest rate on the note because the $4500 was...
Sep 17 2020A cylindrical shaft made of steel of yield strength 700 MPa is subjected to static loads consisting of bending moment 10 kN-m and a torsional moment 30 kN-m. Determine t...
Jun 24 2020The radius of a solid sphere is measured to be (6.50 ± 0.20) cm, and its mass is measured to be (1.85 ± 0.02) kg. Determine the density of the sphere in kilograms per cub...
Apr 02 2020Which of the following statements is true about using the Internet for recruiting?a. Employers have found the use of internet recruiting is a way to save on cost.b....
Dec 16 2019Why does k-space have a big spot
Jul 18 2020Zeller, Acker, and Benton are partners with capital balances as follows: Zeller, $84,000; Acker, $69,000; and Benton, $147,000. The partners share incomes and losses in a...
Jul 14 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.
