An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a

Golda Rush quit her job as a manager for Home Depot to start her own hair dressing salon, Goldilocks. She gave up a salary of $40,000 per year, invested her savings of $30,000 (which was earning 5 percent interest) and borrowed $10,000 from a close friend, agreeing to pay 5 percent interest per year. In her first year, Golda spent $18,000 to rent a salon, hired a part-time assistant for $12,000 and incurred another $15,000 in expenses on equipment and hairdressing material. Based on this information, what is the amount of her explicit costs?

A) $45,000 B) $45,500 C) $47,000 D) $87,000

The characteristic most closely associated with oligopoly is

A. a few large producers. B. easy entry into the industry. C. product standardization. D. no control over price.