28) The DeBeers Company of South Africa was able to block competition throughA) economies of scale.B) differentiating its product.C) ownership of an essential input.D) government-imposed barriers.Answer: C28)Diff: 1Page Ref: 462/462Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking29) Patents, tariffs and quotas are all examples of29)Diff: 1Page Ref: 462-463/462-463Topic: Government-Imposed BarriersLearning Outcome: Micro 5: List ways in which governments intervene in markets and explain theconsequences of such interventionAACSB: Reflective Thinking30) Which of the following isnotnecessarily a consequence of occupational licensing laws?30)Diff: 1Page Ref: 462-463/462-463Topic: Government-Imposed BarriersLearning Outcome: Micro 5: List ways in which governments intervene in markets and explain theconsequences of such interventionAACSB: Reflective ThinkingTRUE/FALSE. WriteʹTʹif the statement is true andʹFʹif the statement is false.31) An oligopolistic industry is characterized by a few large firms acting independently.31)Answer:TrueFalseDiff: 1Page Ref: 460/460Topic: Characteristics of OligopolyLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking32) Monopolistic competition differs from oligopoly in that in monopolistic competition firms actindependently while in oligopoly firms act interdependently.
You've reached the end of your free preview.
Want to read all 4 pages?
- Spring '11
- Lee
- Economics, Monopoly, Prime number, AACSB, Page Ref, Green Line
