question 7\n3 pts\na patent is a government - imposed entry barrier because\nit is a key input owned by the…

question 7\n3 pts\na patent is a government - imposed entry barrier because\nit is a key input owned by the firm that is granted the patent.\nit gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented.\nit allows a firm to achieve economies of scale.\nit limits the quantity of a good that can be imported into a country.\n\nquestion 8\n3 pts\na dominant strategy\nis one that is the best for a firm, no matter what strategies other firms use.\ninvolves deciding what to do after all rivals have chosen their own strategies.\ninvolves colluding with rivals to maximize joint profits.\nis one that a firm is forced into following by government policy.

question 7\n3 pts\na patent is a government - imposed entry barrier because\nit is a key input owned by the firm that is granted the patent.\nit gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented.\nit allows a firm to achieve economies of scale.\nit limits the quantity of a good that can be imported into a country.\n\nquestion 8\n3 pts\na dominant strategy\nis one that is the best for a firm, no matter what strategies other firms use.\ninvolves deciding what to do after all rivals have chosen their own strategies.\ninvolves colluding with rivals to maximize joint profits.\nis one that a firm is forced into following by government policy.

Answer

Brief Explanations:

For Question 7, a patent is a government - imposed entry barrier as it gives a firm the exclusive right to a new product for a period of 20 years from the date of filing (not invention as stated in one option but conceptually related). For Question 8, a dominant strategy is the best for a firm regardless of what strategies other firms use.

Answer:

Question 7: It gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented. Question 8: Is one that is the best for a firm, no matter what strategies other firms use.