question
A firm that holds a monopoly position in the market place is
answer
a price maker
question
Intellectual property law is a body of law that includes
answer
copyright legislation, as well as all of the above
question
The largest cattle rancher in a given region will be unable to have a ______________ sufficient numbers of smaller cattle ranchers provide sources of competition.
answer
monopoly
question
Which of the following is most unlikely to present a barrier to entry into a market?
answer
deregulation
question
Which of the following will present the least amount of concern to a firm that has a monopoly over a particular industry?
answer
the competitive actions of other business firms
question
Government _________________ regulations specify that inventors will maintain exclusive legal rights to their respective inventions for ____________________ .
answer
patent; a limited time
question
If it was possible for one company to gain ownership control all of the uranium processing plants in the US, then
answer
that firm could set up barriers to entry to discourage competition.
question
A ________________ exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run average cost curve.
answer
natural monopoly
question
The two primary factors determining monopoly market power are the firm's
answer
demand curve and its cost structure.
question
For a pure monopoly to exist,
answer
there is a single seller in a particular industry.
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