Reference no: EM13800825
1. A monopoly:
a. always makes a profit.
b. can force consumers to purchase what it is selling.
c. is characterized by a single seller who produces a well-defined product for which there are no good substitutes.
d. always has naturally created barriers.
e. always has government-created barriers.
2. Monopolists:
a. enjoy market power for their specific product.
b. have no market power for their specific product.
c. will never experience a loss.
d. always experience economies of scale.
e. exist in all markets.
3. Barriers to entry:
a. measure the ability of firms to set the price for a good.
b. o not exist for monopolies.
c. always lead to profits.
d. restrict the entry of new firms into the market.
e. exist for perfectly competitive firms.
4. A monopolistically competitive market consists of __________ seller(s), an oligopoly consists of __________ seller(s), and a monopoly consists of one seller.
a. one; many
b. one; two
c. a few; many
d. many; one
e. many, a few
5. A firm operating in an oligopolistic market has __________ market power compared to a __________.
a. less; firm operating in a perfectly competitive market
b. the same amount of; firm operating in a perfectly competitive market
c. less; monopolist
d. the same amount of; monopolist
e. more; monopolist
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