Of the Sources of Market Power,the Most Common and Enduring

question 216

Multiple Choice

Of the sources of market power,the most common and enduring is

• A) a patent.
• B) a copyright.
• C) exclusive ownership of an input.
• D) a government franchise.
• E) economies of scale.

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Definitions:

Gain Yards

In sports, particularly in American football, it refers to the advancement of the ball down the field to gain distance towards the opponent's end zone.

Probability .70

A statistical measure indicating a 70% chance of a specified event occurring.

Nash Equilibrium

A situation in a non-cooperative game where each player's strategy is optimal given the strategies of all other players.

Press Button

An act of pressing a switch or a button to control a machine or process.