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Econ 4th Edition by William McEachern
Edition 4ISBN: 978-1285423548Econ 4th Edition by William McEachern
Edition 4ISBN: 978-1285423548 Exercise 1
BARRIERS TO ENTRY Complete each of the following sentences:
a. A U.S. _______ awards inventors the exclusive right to production for 20 years.
b. Patents and licenses are examples of government-imposed ______ that prevent entry into an industry.
c. When economies of scale make it possible for a single firm to satisfy market demand at a lower cost per unit than could two or more firms, the single firm is considered a _______.
d. A potential barrier to entry is a firm's control of a(n) ______ critical to production in the industry.
a. A U.S. _______ awards inventors the exclusive right to production for 20 years.
b. Patents and licenses are examples of government-imposed ______ that prevent entry into an industry.
c. When economies of scale make it possible for a single firm to satisfy market demand at a lower cost per unit than could two or more firms, the single firm is considered a _______.
d. A potential barrier to entry is a firm's control of a(n) ______ critical to production in the industry.
Explanation
Verified
Verified
a. Patent right:
Patent is a kind of in...
Econ 4th Edition by William McEachern
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