Monopoly

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.

Another term for monopoly during the period 1865-1900 was

• Big Business
• Trust
• Giant of Industry
• Forbes 500

What is not an advantage of a monopoly?

• 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

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

A monopoly is a market with

• many suppliers

• no barriers to entry

• many substitutes

• one supplier

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

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

• set a higher price

• maintain the current price

• set a lower price

• implement new technology

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

What law was first passed to address monopoly power?

• Sherman Antitrust Act

• Clayton Antitrust Act

• Pinkerton Antitrust Act

• Makerpeace Antitrust Act

Which market has no competition?

• perfect competition
• oligopoly
• monopoly
• monopolistic competition