Patents allow manufacturers to block the entry of new firms into an industry through

Credence goods are particularly susceptible to the lemons problem because

A) they have qualities that are difficult for producers to fully assess. B) they have qualities that are difficult for consumers to fully assess. C) creative responses among producers create volatility in market supply. D) creative responses among consumers create volatility in market demand.

Costly actions that a firm undertakes to gain monopoly status are called

a. monopolization. b. rent-seeking activity. c. monopoly-profit seeking. d. collusion.