A natural monopoly is a:
A) public utility such as electricity
B) a firm with a patent
C) a firm with a legal barrier to entry
D) a firm that is very good at competition
Correct Answer:
Verified
Q12: A monopolist can:
A) set price and quantity
Q13: Monopolists have:
A) unlimited profits
B) unlimited market power
C)
Q14: A TR curve is a straight line
Q15: A TR curve is an inverted U
Q16: A natural monopoly is a firm with:
A)
Q18: Patents are given to firms:
A) to increase
Q19: Locational monopolies:
A) are granted by the government
B)
Q20: Monopolistic competitors:
A) have close, but differentiated products
B)
Q21: A firm with a differentiated product:
A) will
Q22: A monopolistic competitor will maximize profits by:
A)
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