If a producer wants a monopoly with a legal barrier to entry, how can this be done?
i. The producer can spend funds lobbying to attain passage of the legal barrier to entry.
ii. The producer can purchase an existing monopoly.
iii. The producer can make rent seeking expenditures.
A) i and ii
B) i and iii
C) ii and iii
D) i, ii, and iii
E) None of the above are ways to acquire a monopoly with a legal barrier to entry.
D
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Unlike a "service," a "good"
a. is desirable b. uses resources to satisfy wants c. is physical and tangible d. is abundant and free e. is a resource
Under an emissions tax program, the government sets ____; under an emissions permits program, the government sets ____.
A. the price of the right to pollute; the price of the right to pollute B. the price of the right to pollute; the permitted total quantity of pollution C. the permitted total quantity of pollution; the price of the right to pollute D. the permitted total quantity of pollution; the permitted total quantity of pollution
An injunction is a court order that forbids the continuation of behavior that leads to benefits.
Answer the following statement true (T) or false (F)