A patent is a government imposed entry barrier because A it gives a firm the

A patent is a government imposed entry barrier

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19) A patent is a government-imposed entry barrier becauseA) it gives a firm the exclusive right to a new product for a period of 20 years from the date theproduct is invented.B) it limits the quantity of a good that can be imported into a country.C) it allows a firm to achieve economies of scale.D) it is a key input owned by the firm that is granted the patent.Answer: A19)Diff: 1Page Ref: 462/462Topic: Government-Imposed BarriersLearning Outcome: Micro 5: List ways in which governments intervene in markets and explain theconsequences of such interventionAACSB: Reflective Thinking5
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20) An example of a government-imposed barrier to entry gives a firm the exclusive right to a newproduct for a period of 20 years from the date the product is invented. This entry barrier is knownas20)Diff: 1Page Ref: 462/462Topic: Government-Imposed BarriersLearning Outcome: Micro 5: List ways in which governments intervene in markets and explain theconsequences of such interventionAACSB: Reflective Thinking21) The De Beers Company blocked competition21)Diff: 1Page Ref: 462/462Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB:22) Of all barriers to entry, the most important are those that are due to22)Diff: 1Page Ref: 461/461Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking
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