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
13.Which of the following is not an example of a legal barrier to entry?
a.a beautician's license
c.exclusive ownership of raw materials
d.a public franchise
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.
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
17.In the United States, patents are granted to inventors of a product or process for a period of
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.
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