Homework Answers
Answer - They all are barriers to entry
Reason -
Patents are right exclusive right to use a product or technology given to a company which helps it to prevent the usage of same technology by other companies.
Economies of scale are such situations where a firm gets advantage of being in a large scale business and same advantage can not be availed by other small firms in same business.
Exclusive franchises are given to selected business which also helps them to create a barrier of entry for other competitors.
So all these situations create barrier of entry for new entrants and competitive businesses.
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What do patents, economies of scale, and exclusive franchises have in common? All three of the...
1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes s...
1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes some market power. It can raise its price, within limits, without the quantity demanded falling to zero. The main way it retains its market power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry. Consider the market for computer technology. Patents are granted to inventors of a product or process for a certain number of...
A monopoly like a perfectly competitive firm has some market power. Thus, it can raise its...
A monopoly like a perfectly competitive firm has some market power. Thus, it can raise its price, within limits, without quantity demanded falling tower. The main way monopolies retain their market power is through barriers to entry, which prevent other companies from entering monopolized markets and competing for customers. Consider the market for a statewide lottery. The government has licensed itself as the only entity allowed to sell tickets for this lottery. It is impossibl for any private firm to...
Which of the following is not a barrier to entry? Government intervention Economies of scale The...
Which of the following is not a barrier to entry? Government intervention Economies of scale The price elasticity of demand Scarce resources Aggressive business tactics Which of the following is is not an example of a barrier to entry that would lead to monopoly power? The government grants a copyright to the author of a book. Firms cannot enter industries in the short run, so there may be a single firm in the industry. To produce oil, a firm must...
D) shifts to the right and then moves back C) They guarantee that a market wil...
D) shifts to the right and then moves back C) They guarantee that a market wil be competitive. Di All of the above 26. The price elasticity of demand ean he found by: A) measuring absolute changes in price and quantity demanded B) comparing the percentage change in quantity demanded to the percentage change in C) examining only the slope of the demand curve. D) knowing that when price changes, the quantity demanded goes in tbe opposite direction A) that...
Economies of scale refers to when: In the long run when average total cost does not...
Economies of scale refers to when:
In the long run when average total cost does not depend on the
quantity of output, this is called:
Commodities:
We assume that in the long run in a perfectly competitive
market:
Multiple Choice an increase in the quantity of output increases average total cost in the long run. None are correct. average total cost does not depend on the quantity of output in the long run. an increase in the quantity of output...
2,3 and 5 CHAP PRICE-SEARCHER MARKETS WITH HIGH ENTRY BARRIERS con granted the only license to...
2,3 and 5
CHAP PRICE-SEARCHER MARKETS WITH HIGH ENTRY BARRIERS con granted the only license to sell cable in 2. Which of the following firms best fits the definition of a monopoly 2 McDonald's, because it is the only firm who produces the Big Mac b a local cable company who has been granted the only license to a city by the town council c Ford Motor Company, because there a production of automobiles ompany, because there are significant economies...
Help with 2-4 please. 2. Which of the following is correct? A. A purely competitive firm...
Help with 2-4 please.
2. Which of the following is correct? A. A purely competitive firm is a "Price Taker," while a monopolist is a "Price Maker." B. A purely competitive firm is a "Price Maker," while a monopolist is a "Price Taker." C. Both purely competitive and monopolistic firms are "Price Takers." D. Both purely competitive and monopolistic firms are "Price Makers." 3. Which of the following is not a barrier to entry? A. Economies of Scale B. Ownership...
help with practice test Question 651 pts Natural barriers to entry ________. include patent laws and...
help with practice test Question 651 pts Natural barriers to entry ________. include patent laws and exclusive franchises must be sustained by government regulation result from an increasing long-run average cost curve most commonly arise through economies of scale Flag this Question Question 661 pts When a firm obtains market power through barriers to entry created not by the firm, but by the government, it is referred to as ________. regulated market power legal market power differentiated market power natural...
Question 34 Patents, copyrights, and trademarks Question 34 options: are examples of government-created monopolies. allow their...
Question 34 Patents, copyrights, and trademarks Question 34 options: are examples of government-created monopolies. allow their owners to reduce the costs of what they produce. generate more revenue for the government than they cost consumers in the form of higher prices. All of the above are correct. Save Question 35 A market structure with barriers to entry is Question 35 options: a monopoly. oligopolistically competitive. monopolistically competitive. perfectly competitive. Save Question 36 The production function is Question 36 options: the...
Please do all seven thank you!! Question 2 Inconect The problems of high prices, inefficient production...
Please do all seven thank you!!
Question 2 Inconect The problems of high prices, inefficient production inefficient allocation of resources, and lack of change/innovation are most likely to occur in what market structure? . 0.00 points out of 100 Select one a monopoly Pflag question b. none of the above this combination of problems cannot happen together in one market structure c oligopoly d. monopolistic competition e. perfect competition on 3 incorrect If there are significant barriers to entry, then...
1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes some market power. It can raise its price, within limits, without the quantity demanded falling to zero. The main way it retains its market power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry. Consider the market for computer technology. Patents are granted to inventors of a product or process for a certain number of...
A monopoly like a perfectly competitive firm has some market power. Thus, it can raise its price, within limits, without quantity demanded falling tower. The main way monopolies retain their market power is through barriers to entry, which prevent other companies from entering monopolized markets and competing for customers. Consider the market for a statewide lottery. The government has licensed itself as the only entity allowed to sell tickets for this lottery. It is impossibl for any private firm to...
D) shifts to the right and then moves back C) They guarantee that a market wil be competitive. Di All of the above 26. The price elasticity of demand ean he found by: A) measuring absolute changes in price and quantity demanded B) comparing the percentage change in quantity demanded to the percentage change in C) examining only the slope of the demand curve. D) knowing that when price changes, the quantity demanded goes in tbe opposite direction A) that...
Economies of scale refers to when:
In the long run when average total cost does not depend on the
quantity of output, this is called:
Commodities:
We assume that in the long run in a perfectly competitive
market:
Multiple Choice an increase in the quantity of output increases average total cost in the long run. None are correct. average total cost does not depend on the quantity of output in the long run. an increase in the quantity of output...
2,3 and 5
CHAP PRICE-SEARCHER MARKETS WITH HIGH ENTRY BARRIERS con granted the only license to sell cable in 2. Which of the following firms best fits the definition of a monopoly 2 McDonald's, because it is the only firm who produces the Big Mac b a local cable company who has been granted the only license to a city by the town council c Ford Motor Company, because there a production of automobiles ompany, because there are significant economies...
Help with 2-4 please.
2. Which of the following is correct? A. A purely competitive firm is a "Price Taker," while a monopolist is a "Price Maker." B. A purely competitive firm is a "Price Maker," while a monopolist is a "Price Taker." C. Both purely competitive and monopolistic firms are "Price Takers." D. Both purely competitive and monopolistic firms are "Price Makers." 3. Which of the following is not a barrier to entry? A. Economies of Scale B. Ownership...
Please do all seven thank you!!
Question 2 Inconect The problems of high prices, inefficient production inefficient allocation of resources, and lack of change/innovation are most likely to occur in what market structure? . 0.00 points out of 100 Select one a monopoly Pflag question b. none of the above this combination of problems cannot happen together in one market structure c oligopoly d. monopolistic competition e. perfect competition on 3 incorrect If there are significant barriers to entry, then...
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