A barrier to entry that grants exclusive use of an invented product or process to the inventor is called
A. a government franchise.
B. economies of scale.
C. a patent.
D. the ownership of a scarce resource.
Answer: C
You might also like to view...
A trend shows
A) the degree of correlation between two variables. B) the general tendency for a variable to rise or fall. C) the scale used to measure to variables. D) the increases in one variable.
A monopolistically competitive market is described as one in which there are
A) a large number of firms selling similar, but not identical, products. B) one large firm and many small firms producing identical products. C) a few firms producing an identical product. D) a few firms producing differentiated products.
If a bank has excess reserves of $15,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has total reserves of
A) $11,000. B) $21,000. C) $31,000. D) $41,000.
An example of fiscal policy would be government:
A. increasing the amount of available educational grants. B. decreasing the income tax. C. increasing corporate income taxes. D. increasing money supply.