Which of the following is a Monopoly?

• A market in which there are many buyers but only one seller

• A market in which there are Few buyers but only one seller

• A market in which there are many buyers but many seller

• A market in which there are many buyers but few seller

What is meant by Specialization?

• Individuals can concentrate their skills on tasks at which the are the most skilled

• Group that can concentrate their skills on tasks at which the are the most skilled

What does the term "price takers" mean?

• the buyer has no control over price

• the seller has no control over price

• the seller and the buyer has no control over price

Fixed Costs are only fixed in the?

• Long run

• Short run

• none of the above

Factors that make it difficult for new firms to enter a market are called

• 
  Barriers to entry

• Factors of production

• Limited supply

• Monopolistic Outlook

What prevents firms from entering a monopoly?

• Barriers to Entry

• Technology

• Price

A market that has a few sellers of basically the same goods

• Perfect Competition

• Pure Monopoly

• Monopolistic Competition

• Oligopoly

ability of a company to control prices and total market output

• market power

• price discrimination

• government monopoly

What is the difference between a monopoly and a perfect competition?

• 
  A monopoly has many sellers, while perfect competition has one seller.

• monopoly and perfect competition have the same number of sellers.

• A monopoly and perfect competition have no sellers.

• A monopoly has one seller, while perfect competition has many sellers.

The only gas station in New Cairo is on 20 km north

• government monopoly

• geographic monopoly

• natural monopoly