In Instances When Having a Single Firm in the Market

question 88

Multiple Choice

In instances when having a single firm in the market makes sense,governments ________ to ensure a minimum level of market standard,such as safety.

• A) will grant a patent or copyright
• B) require licenses
• C) deregulate industries
• D) hand out subsidies
• E) break down barriers to entry

---

Definitions:

Implied Authority

The power or right assumed to be held by a person in a position of leadership or responsibility, based on the role rather than explicitly stated.

Maverick Buyers

Individuals within an organization who make unauthorized purchases outside of agreed contracts or procurement policies, often leading to inefficiencies and increased costs.

Apparent Authority

This refers to a situation where someone seems to have the power to act on behalf of a business or an organization, even if they haven't been officially given this authority.

Advertisements

Paid messages intended to inform or persuade potential customers about products, services, or ideas.