Which of the following could create a cost advantage for a monopoly?

Question

Quizplus · Accepted Answer

All of the choices given could potentially create a cost advantage for a monopoly. 
- Better technology can allow a firm to produce goods and services more efficiently, reducing the cost of production. 
- Lower friction due to better organization can lead to better coordination and communication within the firm, also reducing costs. 
- Standardization can lead to economies of scale, where the firm can produce more units at a lower cost per unit due to increased efficiency in production.

Which of the Following Could Create a Cost Advantage for a Monopoly