Question

question 7
3 pts
a patent is a government - imposed entry barrier because
it is a key input owned by the firm that is granted the patent.
it gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented.
it allows a firm to achieve economies of scale.
it limits the quantity of a good that can be imported into a country.

question 8
3 pts
a dominant strategy
is one that is the best for a firm, no matter what strategies other firms use.
involves deciding what to do after all rivals have chosen their own strategies.
involves colluding with rivals to maximize joint profits.
is one that a firm is forced into following by government policy.

Explanation:

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.