A consequence of the quota that has been imposed on

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Principles of Information Security
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Chapter 4 / Exercise 01
Principles of Information Security
Whitman
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31) A consequence of the quota that has been imposed on the importation of sugar into the UnitedStates is31)A) the market for sugar in the United States has become monopolistically competitive ratherthan oligopolistic.B) the cost of producing cereal, chocolate and candy products in the United States is reduced.C) competition in the U.S. sugar market is reduced.D) consumers are protected from eating unsafe products made from cheap imported sugar.Answer: C
Diff: 1Page Ref: 463/463Topic: Government-Imposed BarriersLearning Outcome: Micro 5: List ways in which governments intervene in markets and explain theconsequences of such interventionAACSB: Reflective Thinking8
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Principles of Information Security
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Chapter 4 / Exercise 01
Principles of Information Security
Whitman
Expert Verified
TRUE/FALSE. WriteʹTʹif the statement is true andʹFʹif the statement is false.32) If firms are protected by substantial barriers to entry, short-run profits can turn into long-runprofits.
Diff: 1Page Ref: 463/463Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking33) The four-firm concentration ratio of the aircraft industry is over 80 percent. Most economistswould consider this industry an oligopoly.
Diff: 1Page Ref: 460/460Topic: Concentration RatioLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking34) The most important barrier to entry is economies of scale.34)
Diff: 1Page Ref: 461/461Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking35) Because of the flaws of the concentration ratio as a measure of the extent of competition in anindustry, some economists prefer another measure of competition, the Herfindahl-HirschmanIndex.35)Answer:TrueFalse
Diff: 2Page Ref: 460-461/460-461Topic: Concentration RatioLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking36) In an oligopoly, minimum efficient scale is likely to occur at a level of output that is a large fractionof industry sales.36)
Diff: 2Page Ref: 461-462/461-462Topic: Economies of Scale

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