Quiz_139 - 28)...

28) The DeBeers Company of South Africa was able to block competition through
A) economies of scale. B) differentiating its product.
C) ownership of an essential input. D) government - imposed barriers.
Answer: C
28)
Diff: 1 Page Ref: 462/462
Topic: Barriers to Entry
Learning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies in
oligopolies
AACSB: Reflective Thinking
29) Patents, tariffs and quotas are all examples of
B) economic regulations that increase efficiency.
29)
C) entry barriers that improve a country ʹ s standard of living.
D) government - imposed barriers.
Answer: D
Diff: 1 Page Ref: 462
-
463/462
-
463
Topic: Government - Imposed Barriers
Learning Outcome: Micro 5: List ways in which governments intervene in markets and explain the
consequences of such intervention
AACSB: Reflective Thinking
30) Which of the following is not necessarily a consequence of occupational licensing laws? 30)
Diff: 1 Page Ref: 462 - 463/462 - 463
Topic: Government - Imposed Barriers
Learning Outcome: Micro 5: List ways in which governments intervene in markets and explain the
consequences of such intervention
AACSB: Reflective Thinking
TRUE/FALSE. Write ʹ T ʹ if the statement is true and ʹ F ʹ if the statement is false.
31) An oligopolistic industry is characterized by a few large firms acting independently. 31)
Answer:
Diff: 1 Page Ref: 460/460
Topic: Characteristics of Oligopoly
Learning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies in
oligopolies
AACSB: Reflective Thinking
32) Monopolistic competition differs from oligopoly in that in monopolistic competition firms act
independently while in oligopoly firms act interdependently.