Which of the following is NOT a necessary characteristic of monopolies?
A) Prices are set by the seller,not the consumer.
B) There is just one firm in the role of seller.
C) The market is for a unique product without close substitutes.
D) Government plays a role in maintaining barriers to entry.
E) The seller has a high level of market power.
Correct Answer:
Verified
Q11: A monopoly
A) always makes a profit.
B) can
Q12: Economies of scale exist
A) only for monopolists.
B)
Q13: Economies of scale is an example of
A)
Q14: Which of the following is NOT an
Q15: Monopolists
A) enjoy market power for their specific
Q17: Control of resources is an example of
A)
Q18: Three natural barriers to entry are
A) control
Q19: The best way to limit competition is
Q20: In the movie Forrest Gump,the title character's
Q21: After a patent on a product expires,
A)
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