A patent or copyright is a barrier to entry based on
A) ownership of a key necessary raw material.
B) large economies of scale as output increases.
C) government action to protect a producer.
D) widespread network externalities.
Answer: C
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Prior to the advent of MCI (later named Worldcom) the telecommunications industry largely relied on one kind of technology – the copper wire
Why do you suppose that the use of microwave technology employed by MCI offered an important challenge to the principle of natural monopoly that existed at the time justifying the reliance on one company – AT&T.
The creation of the Social Security program had no impact on the labor force participation rate because people are not interested in working past the age of 65.
Answer the following statement true (T) or false (F)
Describe the vicious cycle of poverty. What are the consequences of this cycle?
What will be an ideal response?
Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. 
Figure 15.2 Refer to Figure 15.2. At We Do Hair, a monopolistically competitive firm, the profit-maximizing price for a perm is
A. $32. B. $28. C. $24. D. $20.