
Monopoly
Authored by Alicia Howrey
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12th Grade
Used 107+ times

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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the requirements for a monopoly is that
products are high priced
there are several close substitutes for the product
there is a unique product with no close substitutes
the product cannot be produced by small firms
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A monopoly is a market with
many suppliers
no barriers to entry
many substitutes
one supplier
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Firms face competition when the good they produce
is unique
has a close substitute
is in a market with natural barriers to entry
is in a market with legal barriers to entry
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is true about monopolies?
Monopolies always earn an economic profit.
The market demand and the firm's demand are the same.
Monopolies have perfectly inelastic demand.
The monopolist's supply curve is the same as the market demand curve.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which describes a barrier to entry?
something that establishes a barrier to expanding output
anything that protects a firm from new competitors
a regulation that bars a monopoly from earning profit
firms already in the market incur a loss so no firm wants to enter
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A barrier to entry is
an economic term for economies of scale
illegal in most markets
anything that prevents new firms from entering the market
a factor that increases competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Patents
encourage the invention of new products and production methods
stimulate innovation
are exclusive rights granted to the inventor of a product or service
all of the above
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