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Total questions: 9
Worksheet time: 5mins
Which of the following are characteristics of a monopoly?
One seller
High barriers to entry
Control over price
All of the above
Why don't other firms enter the monopolistic market?
They don't care about money
They already have their own business
Monopolies control the resources
Because demand is low
Perfect competition is best described as a market with
Few firms producing essentially the same product
Many firms producing essentially the same product
Many firms producing very different products
few firms producing very different products
A factor that makes it difficult for firms to enter a market is called
a barrier to entry
an obstacle to entry
a block to entry
none of above
In perfect competition, all producers and consumers are price makers
true
false
Which of the following is used to regulate monopolies?
Legal fees
High taxes
Public/government ownership
Deregulation
Under perfect competition, the output is determined by
demand and equilibrium price
fixed expenses
individuals
industry supply curve
Which of the following is not a characteristic of a perfectly competitive market
Free entry and exit
Numerous sellers
Perfect information
No substitutes
What type of monopoly is it when there is only 1 store location
Legal Monopoly
Natural Monopoly
Technical Monopoly
Geographic Monopoly
