Answer to Question #49448 in Microeconomics for cortney

Question #49448
Barriers to entering an industry: i. result in productive efficiency ii. result in allocative efficiency iii. are the basis for monopolies to exist iv. apply in the United States to only to industries dominated by a single firm both iii and iv A patent or copyright is a barrier to entry based on: ownership of a key input used in the production process large economies of scale as output increases widespread network externalities government action to encourage and protect private research and development efforts A ‘natural’ monopoly, such as a local electricity provider, is the result of: i. a firm owning or controlling a key input used in the production process ii. long-run average total costs declining continuously as output increases iii. long-run total costs declining continuously as output increases iv. economies of scale existing
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Expert's answer
2014-11-27T13:11:22-0500
1. Barriers to entering an industry:
iii. are the basis for monopolies to exist
2. A patent or copyright is a barrier to entry based on:
d) government action to encourage and protect private research and development efforts
3. A ‘natural’ monopoly, such as a local electricity provider, is the result of:
i. a firm owning or controlling a key input used in the production process

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