An Example of a Government-Imposed Barrier to Entry Gives a Firm

question 169

Multiple Choice

An example of a government-imposed barrier to entry gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented.This entry barrier is known as

• A)a copyright.
• B)a patent.
• C)an exclusive marketing agreement.
• D)a tariff.

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Definitions:

Grievance

A complaint or formal notice of dissatisfaction, usually from an employee towards an employer, regarding some aspect of employment.

Arbitration

A form of alternative dispute resolution where a neutral third party, known as an arbitrator, makes a decision to resolve a dispute outside of court.

Reserved Rights Clause

A provision in a contract that outlines specific rights retained by parties, limiting the scope of rights granted.

Collective Bargaining

The process by which employers and groups of employees negotiate labor contracts concerning wages, working conditions, benefits, and other aspects of workers' compensation.