Crash Course: Monopolies + Trusts

Front

Which of the following is not a barrier to entry in a monopolized market?
The presence of many buyers and sellers in the market,
The government gives a single firm the exclusive right to produce some good.
The costs of production make a single producer more efficient than a large number of producers.
A key resource is owned by a single firm.

Back

The presence of many buyers and sellers in the market

Front

Another term for monopoly during the period 1865-1900 was: Big Business, Trust, Giant of Industry, Forbes 500

Back

Trust

Front

What is not an advantage of a monopoly? Options: achieving economies of scale, high level of research and development, Producing a greater quantity at profit-maximizing level of output, higher prices and lower output

Back

higher prices and lower output

Front

One of the requirements for a monopoly is that

Back

there is a unique product with no close substitutes

Front

A monopoly is a market with

Back

one supplier

Front

A barrier to entry is

Back

anything that prevents new firms from entering the market

Front

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

Back

set a lower price

Front

A type of monopoly that arises because a single firm can supply a good or service to an entire market at a lower cost than could two or more firms.

Back

Natural Monopoly

Front

What law was first passed to address monopoly power?

Back

Sherman Antitrust Act

Front

Which market has no competition? Options: perfect competition, oligopoly, monopoly, monopolistic competition

Back

monopoly