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Test Bank Solution Manual for Microeconomics Chapter 9 Rated A+
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Test Bank Solution Manual for Microeconomics Chapter 9 Rated A+ The largest cattle rancher in a given region will be unable to have a __________ when sufficient numbers of smaller cattle ranchers provide sources of competition. A. oligopoly B. patent C. monopoly D. monopolistic competition -...

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  • October 10, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • microeconomics chapter 9

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  • Microeconomics
  • Microeconomics

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Test Bank Solution Manual for Microeconomics Chapter 9 Rated A+

The largest cattle rancher in a given region will be unable to have a __________ when sufficient
numbers of smaller cattle ranchers provide sources of competition.



A. oligopoly

B. patent

C. monopoly

D. monopolistic competition - Answers C. monopoly

Which of the following is most unlikely to present a barrier to entry into a market?



A. market forces

B. patent laws

C. technological advantages

D. deregulation - Answers D. deregulation

Deregulation occurs when a government eliminates or scales back rules relating to all but one of the
following. Which one is it?



A. prices that can be charged

B. natural monopoly

C. conditions of entry in a certain industry

D. quantities that can be produced - Answers B. natural monopoly

Government ______________ regulations specify that inventors will maintain exclusive legal rights to
their respective inventions for ______________ .



A. patent; a limited time

B. trademark; an unlimited time

C. copyright; a limited time

,D. trade secret; an unlimited time - Answers A. patent; a limited time

The US government has registered ___________________ on behalf of business firms to protect a
particularly distinct element each has selected for its ability to aid consumers to easily
__________________ .



A. 200,00 patents; license for use

B. 800,000 trademarks; identify the source of goods

C. 1 million copyright licenses; identify the authors of creative works

D. 200,000 trade secrets; create a natural monopoly - Answers B. 800,000 trademarks; identify the
source of goods

The form of legal protection intended to prevent reproduction of original works is referred to as
______________ law.



A. patent

B. trademark

C. copyright

D. trade secret - Answers C. copyright

In the business world, a _________________ is recognized as a legally acceptable way for any business
to keep knowledge of its particular methods of production from being known by competing firms.



A. patent

B. monopoly

C. trade secret

D. trademark - Answers C. trade secret

Intellectual property law is a body of law that includes



A. the right of inventors to produce their inventions

, B. the right of inventors to sell their inventions

C. trademark, patent and trade secret legislation

D. copyright legislation, as well as all of the above - Answers D. copyright legislation, as well as all of the
above

A __________________ exists when the quantity demanded in the market is less than the quantity at
the bottom of the long-run average cost curve.



A. natural monopoly

B. monopoly

C. oligopoly

D. monopolistic competition - Answers A. natural monopoly

The use of sharp, temporary price cuts as a form of _________________ would enable traditional US
automakers to discourage new competition from smaller electric car manufacturers.



A. natural monopoly

B. monopolistic competition

C. predatory pricing

D. oligopolistic competition - Answers C. predatory pricing

Which of the following is most likely to be a monopoly?



A. local fast-food restaurant

B. local electricity distributor

C. local bathroom fixtures shop

D. local television broadcaster - Answers B. local electricity distributor

Which of the following will present the least amount of concern to a firm that has a monopoly over a
particular industry?

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