An example of a government-imposed barrier to entry gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented. This entry barrier is known as
A) a copyright. B) an exclusive marketing agreement.
C) a patent. D) a tariff.
C
Economics
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If supply increases, sellers will ______ price, ______ quantity demanded until quantity supplied and quantity demanded are equal.
a. increase; decreasing b. reduce; increasing c. increase; increasing d. reduce;, decreasing
Economics
A market with demand Q = 100 - 3P is currently in equilibrium with 40 units being sold. It follows that the current price elasticity of demand
a. is zero. b. is -1.5. c. is -6. d. cannot be calculated with the information given.
Economics