Homework Answers
(1) A monopoly is the only producer (seller) in the market. A monopoly has following sources of monopoly power.
economies of scale, patents right, exclusive rights, etc.
(2) Monopoly is a form of market in only one firm produce the good. It means there is only one firm in the maket of a good.
Local utiltiy industry in a small town is an example of monopoly.
Shoe industry, Newspaper industry and Bread industry can't be monopoly becasue there are so many firms who operates in these industry. Market is not captured by only one firm in these industries.
Answer: Option(B)
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Which of the following is a property of a monopoly but not a property of a perfectly competitive market? a. A monopoly produces an efficient level of output. b. A firm in a monopoly is a price taker. c. A monopoly contains many firms. d. A firm in a monopoly has no market power. e. A firm in a monopoly may earn long-run economic profits.
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5. Monopoly outcome versus competition outcome Consider the daily market for hot dogs in a small...
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Answer these with thorough explanations, please! 5. Monopoly outcome versus competition outcome Consider the daily market...
Answer these with thorough explanations, please!
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Which of the following is true? A key feature of a single-price monopoly is that MR...
Which of the following is true? A key feature of a single-price monopoly is that MR <P at each quantity so the MR curve lies below the demand curve. B. Society may incur a deadweight loss resulting from the behavior of the monopoly firm. OC. The monopoly can earn the economic profit in the long run. O D. A and B are true. S E. A, B and C are true.
Which of the following is a property of a monopoly but not a property of a perfectly competitive market? a. A monopoly produces an efficient level of output. b. A firm in a monopoly is a price taker. c. A monopoly contains many firms. d. A firm in a monopoly has no market power. e. A firm in a monopoly may earn long-run economic profits.
Which of the following describes a market that is inefficient because it violates the assumption that there is an open market free of entry barriers? O A. Taxi cabs are required to display one of a limited number of medallions in order to operate in New York City. OB. Restaurants at the beach often refuse to allow customers to enter without shoes. O C. The University of Pittsburgh does not accept applicants without a high school diploma. O D. Several...
Order the following businesses from 1, 2, and 3 from greatest amount of monopoly power (1) to the least monopoly power (3). 3 cable television in an area where there is a single provider restaurants in a small town 2 1 v vegetable stands in a very large local farmers' market In the following graph what is the profit-maximizing output? Price ATC MC D MR Quantity 10 60 65 NO Lin-Manuel runs a rare book store. Last year, he earned...
2. which of the following is a functional ecosystem boundary that would be best suited for effectively managing an ecosystem? A) boundary indicating the area contained within fire Island national seashore B) boundary between New York State and Connecticut C) boundary around Garden city D) coastline surrounding the Long Island sound E) international border between the United States and Canada
Which of the following is true regarding natural monopoly? Because it is more efficient to do so, governments allow natural monopolies to form, but also must regulate them. Natural monopolies are created when one firm owns the entire supply of a natural resource. Natural monopolies are illegal in the United States. Natural monopoly power only lasts as long as the patent is valid. Governments control natural monopolies in order to make as much profit as possible.
5. Monopoly outcome versus competition outcome Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. The following graph shows the demand (D) and supply (S = MC) curves in the market for hot dogs. Place the black point (plus symbol) on the graph...
Answer these with thorough explanations, please!
5. Monopoly outcome versus competition outcome Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. The following graph shows the demand (D) and supply (S = MC) curves in the market for hot dogs. Place...
Which of the following is true? A key feature of a single-price monopoly is that MR <P at each quantity so the MR curve lies below the demand curve. B. Society may incur a deadweight loss resulting from the behavior of the monopoly firm. OC. The monopoly can earn the economic profit in the long run. O D. A and B are true. S E. A, B and C are true.
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