Monopoly

Another term for monopoly during the period 1865-1900 was

• Big Business

• Trust

• Giant of Industry

• Forbes 500

Which market has no competition?

• perfect competition

• oligopoly

• monopoly

• monopolistic competition

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 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

The profit-maximizing combination of output and price for a single-price monopoly is:

• Q1 & P1

• Q2 & P3

• Q1 & P4

• Q3 & P2

Total Revenue for this monopoly are represented by area:

• 0CGE

• 0AJE

• AJHB

• BAJN

Total costs for this monopoly are represented by area:

• BKL0

• CGE0

• AJE0

• BHE0

For this monopolist, what is the area of consumer surplus?

• ABHJ

• AJGC

• ARJ

• ARJE