Multiple Choice Questions

Which of the following are characteristics of public utilities?
  • Modern technology
  • Monopolies or near monopoliesGovernment owned or regulated
  • The monopolist exerts control over the price.The monopolist controls the total quantity supplied.
  • Blocked entry for other firmsPresence of a single sellerUnavailability of close substitutes for its productsControl over the price
Slashing prices is an example of an entry barrier created by a(n)
  • downward-sloping demand curves
  • Blank 1: monopolist or monopoly
  • Modern technology
  • potential competition
Which of the following two terms are synonymous in a pure monopoly?
  • c
  • Modern technology
  • The monopolist controls the total quantity supplied.The monopolist exerts control over the price.
  • Blocked entry for other firmsPresence of a single sellerUnavailability of close substitutes for its productsControl over the price
Which of the following are the main characteristics of a pure monopoly?
  • c
  • The monopolist exerts control over the price.The monopolist controls the total quantity supplied.
  • Blocked entry for other firmsPresence of a single sellerUnavailability of close substitutes for its productsControl over the price
  • Modern technology
It is difficult to start up a major league sports team because existing professional teams have contracts with the best players and long-term leases on stadiums. Which barrier to entry does this illustrate?
  • potential competition
  • Control of a key resource
  • monopoly
  • No close substitutes
Which of the following are reasons that a monopolist is considered a price maker?
  • Blocked entry for other firmsPresence of a single sellerUnavailability of close substitutes for its productsControl over the price
  • The monopolist exerts control over the price.The monopolist controls the total quantity supplied.
  • Pure monopoly
  • Modern technology
Which characteristic of pure monopoly requires a consumer to buy the monopolized product or do without it entirely?
  • Pure monopoly
  • potential competition
  • No close substitutes
  • Modern technology
With a natural monopoly the demand curve intersects the long-run average total cost curve where the long-run average total cost curve is still
  • lower
  • No close substitutes
  • Pure monopoly
  • monopoly
The strongest barriers to entry effectively block all ______.
  • Blank 1: monopolist or monopoly
  • Modern technology
  • potential competition
  • industry
The main characteristics of a pure monopoly , Correct Unavailable are a single seller, no close substitutes, a price maker, blocked entry, and non-price competition.
  • industry
  • lower
  • Pure monopoly
  • monopoly
Which of the following exists when a single firm is the sole producer of a product for which there are no close substitutes?
  • monopoly
  • Modern technology
  • The monopolist exerts control over the price.The monopolist controls the total quantity supplied.
  • Pure monopoly
Price makers are firms with:
  • downward-sloping demand curves
  • potential competition
  • Blank 1: monopolist or monopoly
  • No close substitutes
The strongest barriers to entry effectively block all ______
  • Modern technology
  • potential competition
  • Blank 1: monopolist or monopoly
  • industry
A pure monopoly exists when a single firm is the sole producer of a product for which there are no close ___.
  • industry
  • substitutes
  • Pure monopoly
  • No close substitutes
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Multiple Choice Questions
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