A monopoly is a single firm that: sels a product which has many substitutes b. s

Question

A monopoly is a single firm that: sels a product which has many substitutes b. sells a product which does not have c sells a product with no close substitutes d. has very little market power as compared to othe Which one of the following best approximates a pure monopoly? Big American high tech companies b. American agriculture industry public utilities in the USA d. the fast food industry Which of the following is correct? Both purely competitive and monopolistic firms are “price takers" Both purely competitive and monopolistic firms are "price makers" purely competitive firm is a price taker" and a monopolist firm is a "price maker purely competitive firm is a "price maker" and a monopolistic firm is a "price taker". The ABC Pharmaceutical Corporation gets a patent on a new drug for the cure of liver cancer, it has a: natural monopoly b. monopoly by pricing c.monopoly by ownership legal monopoly e. social monopoly. If a monopoly develops because of substantial economies of scale, it is: monopoly by law b. monopoly by possession . natural monopoly. c. monopoly by ownership A town having only one natural gas supplier results in a much lower average cost of production than ere were many firms having their own gas lines, this is an example of monopoly by law b.monopoly by possession natural monopoly c. monopoly by efficiency . Which of the following have traditionally been considered natural monopolies? public parking lots b. public golf courses c.public utilities d. public parks

Explanation / Answer

Answer:- A monopoly is a single firm that

Correct Answer:- sells a product with no close substitute

Reason:- Monopoly is a firm which sells the products which has no close substitutes and thus customers are forced to buy the products at a price fixed by the firm.

Answer:- which of the following best approximates a pure monopoly

Correct Answer:- Public utilities in USA

Reason:- Public utilities do not have any substitutes.

Answer:- Which of the following is correct:-

Correct Answer:- purely competitive firm is a price taker and a monopolist firm is a price maker

Answer:- The ABC pharma corporation gets a patent on a new drug for the cure of liver cancer,

Correct Answer:- it has a legal monopoly

Answer:- if a monopoly develops because of substantial economies of scale,

Correct Answer:- it is monopoly by possession

Answer:- which of the following have traditionally been considered natural monopolies

Correct Answer:- public utilities

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