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100

Marginal cost refers to the additional revenue gained from selling one more unit.


True or False

False

100

When the barriers to entry are something other than legal prohibition is called a legal monopoly. 

True or False

False

100

Perfect Competition is a hypothetical benchmark.


True or False

True

100

The U.S government has registered 800,000 trademarks on behalf of business firms.

True

200

The legal, technological, or market forces that may discourage or prevent potential competitors from entering the market.

Barriers to Entry

200

When a few large firms have all or most of the sales in an industry.

Oligopoly

200

Deregulation occurs when a government eliminates or scales back rules relating to which of the following?

A) Setting Prices

B) Natural Monopoly

C) Quantities that can be produced

D) Both A & C are Correct

D

200

If the price that a firm charges is higher than it _______________ cost of production for the quantity produced, then the firm will earn profits.

Average

300

If a firm's revenues do not cover its average variable costs (AVC), then the firm has reached its . . .

Shutdown Point

300

Government _______________ regulations specify that inverntors will maintain excluisive legal rights to their inventions for a limited time.

Patent

300

In the U.S., patent rights last . . .

20 Years

300

In the business world, a ___________________ is recongnized as a legally acceptable way for any business to keep knowledge of its particular methods of production from being known by competing firms.

Trade Secret

400

The single most common form of competition in the U.S. is:

Monopolistic Competition

400

A group of firms that collude to produce the monopoly output and sell at a monopoly price.

Cartel

400

The branch of mathematics that analyzes situations in which players must make decisions and then receive payoff, most often used by economists, is:

Game Theory

400

__________________ law implies ownership over an idea, concept, or image.

Intellectual Property

500

The level of output where the marginal cost curve intersects the average cost curve at the minimum point of AC; if the price is at this point, the firm is earning zero economic profits.

Break-Even Point

500

The use of sharp, temporary price cuts as a form of ____________ would enable traditional U.S. automakers to discourage new competition from smaller electric car manufacturers. 

Predatory Pricing

500

What are the four basic types of market structures?

Perfect Competition, Monopolistic Competition, Oligopoly, & Monopoly

500

Copyright protection legislation provides protection for original works . . .

During the author's life plus 70 years
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