Which of the following is not a reason why government

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20) Which of the following isnota reason why government officials are willing to impose entrybarriers?A) to promote an equitable distribution of incomeB) to encourage innovation which may improve the standard of living in the long runC) to raise revenue20)
D) to increase economic efficiencyAnswer: ADiff: 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 Thinking21) Interdependence of firms is most common inB) monopolistic industries.21)
C) oligopolistic industries.D) monopolistically competitive industries.Answer: CDiff: 1Page Ref: 460/460Topic: InterdependenceLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking22) Oligopolies exist and do not attract new rivals becauseC) of barriers to entry.22)
D) of competition.Answer: CDiff: 1Page Ref: 461/461Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking23) An example of a barrier to entry is23)Diff: 2Page Ref: 461/461
Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking6
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Chapter 17 / Exercise 6
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24) Which of the following is important in determining the extent of competition in an industry?A) whether or not the industry product is differentiated or standardizedB) the minimum level of short run average total costs of productionC) the minimum efficient scale of production relative to market demandD) the level of market demand for the industryʹs productAnswer: C24)Diff: 2Page Ref: 461/461
Topic: Economies of ScaleLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking
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Economics, AACSB, Page Ref, public policies
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Principles of Economics
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Chapter 17 / Exercise 6
Principles of Economics
Mankiw
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