Marginal cost refers to the additional revenue gained from selling one more unit.
True or False
False
When the barriers to entry are something other than legal prohibition is called a legal monopoly.
True or False
False
Perfect Competition is a hypothetical benchmark.
True or False
True
The U.S government has registered 800,000 trademarks on behalf of business firms.
True
The legal, technological, or market forces that may discourage or prevent potential competitors from entering the market.
Barriers to Entry
When a few large firms have all or most of the sales in an industry.
Oligopoly
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
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
If a firm's revenues do not cover its average variable costs (AVC), then the firm has reached its . . .
Shutdown Point
Government _______________ regulations specify that inverntors will maintain excluisive legal rights to their inventions for a limited time.
Patent
In the U.S., patent rights last . . .
20 Years
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
The single most common form of competition in the U.S. is:
Monopolistic Competition
A group of firms that collude to produce the monopoly output and sell at a monopoly price.
Cartel
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
__________________ law implies ownership over an idea, concept, or image.
Intellectual Property
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
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
What are the four basic types of market structures?
Perfect Competition, Monopolistic Competition, Oligopoly, & Monopoly
Copyright protection legislation provides protection for original works . . .