Which of the following is not a barrier to entry that is cre

Which of the following is not a barrier to entry that is created by government? Economies of scale. Licenses. Regulatory restrictions. Patents. 24 25Which of the following statements regarding patents is false? Patents can help firms gain market power through innovation and then act as a barrier to entry. A firm that has market power as a result of a patent may be more likely to innovate than a perfectly competitive firm. Patents encourage the production of information, which might otherwise be under supplied. Patents can last for an indefinite time period. 26The market structure that is most different from the model of perfect competition is: monopolistic competition. duopoly. oligopoly. monopoly. 27Consumers don\'t care which supplier they buy from in a perfectly competitive market because: the outputs of the firms in a perfectly competitive market are all the same. the consumers have no choice regarding who they buy from. price is always low enough that the choice of supplier doesn\'t matter. all of the above.

Solution

24. The correct answer is Licenses. Economies of scale. Regulatory restrictions and patents are direct barriers to entry created by Government.

25. The statement stating that \"Patents can last for an indefinite time period\" is false about patents since each patent comes with the specific time period.

26. Monopoly is a different market structure that is different from the model of perfect competition.

27. In a perfectly competitive market customer\'s dont care about the supplier\'s since \" price is always low enough that the choice of supplier doesn\'t matter\".