ECO2023 Scrogin Exam 3 Sprin Quiz: ECO2023 Quiz 6 O P- AR MR: P = MR-AR D Questi

Question

ECO2023 Scrogin Exam 3 Sprin Quiz: ECO2023 Quiz 6 O P- AR MR: P = MR-AR D Question 4 2 pts What do economies of scale, the exclusive ownership of essential raw materials used in the production process, and patents have in common? O they are all barriers to entry O they all help explain why a monopolist's demand and marginal revenue curves are identical O they must all be present before a monopolist may practice price discrimination they all help explain why a firm's short run average total cost curve is U-shaped D Question 5 2 pts Compared to a monopoly, the demand curve faced by a perfectly competitive firm is MacBook Air

Explanation / Answer

Economies of scale and patents are both barriers to entry.They do not let new firm's enter the market for a particular product and characterises monopoly.

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