Monopoly

a market structure in which only a few sellers offer similar or identical products

• Monopoly

• Collusion

• Oligopoly

• Monopolistic Competition

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.

• Monopoly

• Natural Monopoly

• Price Discrimination

• Cartel

The business practice of selling the same good at different prices to different customers

• Cartel

• Collusion

• Monopolistic Competition

• Price Discrimination

A market structure in which many firms sell products that are similar but not identical

• Monopoly

• Collusion

• Oligopoly

• Monopolistic Competition

A group of Firms acting in unison

• Monopoly

• Collusion

• Cartel

• Oligopoly

What is not a barrier for attempting to compete with a monopoly?

• Patents

• Economies of Scale

• Diseconomies of Scale

• Copyrights

Why does a monopoly maintain its market power?

• Agreements with competitors on what price to sell its product

• Agreements with its competitors on the quantity of the good to produce

• A series of barriers to entry into the market

• Easy entry and exit from a profitable market

Which one is NOT an example of price discrimination?

• Brent works nights so he chooses to buy bread at 7 a.m. rather than at 7 p.m.

• Bob and Nancy each receive a “$1 off” coupon in the mail, but Bob redeems it while Nancy does not.

• Katie buys 12 cokes for $3 and Josh buys one Coke at a time for $1.

• Velma likes to go to the movies at the lower afternoon matinee price and Rosemary would rather pay more for the evening show.

A monopolist is a.....

• Price taker

• Profit Taker

• Price maker

• Profit discriminator

What law was first passed to address monopoly power?

• Sherman Antitrust Act

• Clayton Antitrust Act

• Pinkerton Antitrust Act

• Makerpeace Antitrust Act