Competition and Monopolies, Mr. Slocum

Front

A market in which a single seller dominates

Back

monopoly

Front

Which of the following is a source of monopoly power? Scarcity, Elasticity of demand, Barriers to entry, Low Profits

Back

Barriers to entry

Front

A barrier to entry is

Back

An obstacle that makes it difficult for new firms to enter a market.

Front

One of the requirements for a monopoly is that

Back

there is a unique product with no close substitutes

Front

A monopolist is

Back

able to set the price for its product

Front

If a monopolist wants to sell a larger quantity, it must

Back

set a lower price

Front

In order for a firm to engage in price discrimination, it must be: able to separate consumers into different groups

Back

able to separate consumers into different groups

Front

Why does no one firm dominate in a perfect competition?

Back

Each firm produces exactly the same towards total supply that they cannot influence prices.

Front

Factors that make it difficult for new firms to enter a market are called

Back

Barriers to entry

Front

Which of the following is an example of a natural monopoly?
Options: Coca-Cola, New York State Electric and Gas, United Airlines, Levi Jeans

Back

New York State Electric and Gas