When the Government Wants to Give an Exclusive Right to One

question 257

Multiple Choice

When the government wants to give an exclusive right to one firm to produce a product, it

• A)imposes a tariff on imports of the product.
• B)imposes a quota on imports of the product.
• C)grants a patent or copyright to an individual or firm.
• D)uses antitrust laws to keep other firms from entering the market.

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Definitions:

Performance-Oriented

An approach that prioritizes achievement and effectiveness, often in the context of work or competition.

Controlling

In management, this involves monitoring performance, comparing it against goals, and implementing corrective actions to ensure achievement of objectives.

Planning

A process involving the setting of goals, developing strategies to achieve those goals, and outlining tasks and schedules to implement the strategies.

Action Orientations

An individual's or organization's propensity to take initiative, make decisions, and execute plans effectively and efficiently.