Monopoly- microeconomics

Monopoly power is high when

• There are no close substitutes

• There are no rivals

• There is only a single seller of the product

• All of the above

The concept of pure monopoly was first given by

• Robinson

• Stigler

• Sraffa

• Chamberlain

The term x-efficiency is coined by

Patent right for invention leads to

• Natural monopoly

• Fiscal monopoly

• Legal monopoly

• Technical monopoly

Predatory pricing policy is designed to

• Drive competitors out of business

• Maximize profits

• Encourage entrants into the market

• Attain least cost output

The lerner's index of monopoly power has a value

• Zero

• One

• Between zero to unity

• Two

Pure monopoly may be based on

• Increasing return to scale

• Control over the supply of raw materials

• Patent or government franchise

• All of the above

Under the monopoly MC is

• More than the price

• Less than the price

• Equal to the price

• All of the above

In short run, the monopolists

• Incurs a loss

• Makes a profit

• Break even

• Any of the above

The monopoly supply curve cannot be drawn simply because

• The monopolists itself control price

• He has no rivals

• The demand is indeterminate

• All of the above