1. Monopoly is a market structure in which: a) one firm makes up the entire mark

ID: 1177799 • Letter: 1

Question

1. Monopoly is a market structure in which:

a) one firm makes up the entire market.

b) a few firms dominate the market.

c) many firms produce differentiated products.

d) many firms produce identical products.

2. If there were no barriers to entry, then:

a) natural monopolies would still exist.

b) patents could still be offered by the government.

c) "just" monopolies would still exist.

d) firms would compete away monopoly profits.

3. The public tends to view monopolies less favorably than economists because:

a) the public ignores normative arguments in favor of monopoly.

b) the public values large business that can provide job security.

c) economic models ignore normative arguments against monopoly while the public does not.

d) economic models emphasize normative arguments against monopoly while the public does not.

4. Patents have the most negative effect on consumers when:

a) demand is inelastic.

b) demand is elastic.

c) marginal cost is high.

d)marginal cost is low.

1one firm makes up the entire market.(a).

2.firms would compete away monopoly profits.(d)

3.economic models ignore normative arguments against monopoly while the public does not.(c)

4.demand is inelastic.(a)

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.