Which of the following prevents a monopoly from successfully charging any price it wants for its...
Which of the following prevents a monopoly from successfully charging any price it wants for its product? Economies of Scale. Consumer Demand. Patents. All of the above.
Homework Answers
Economies of scale is related to cost and it has nothing to do with price. Patents get to allow you to charge as it gives you the sole right of monopoly. Consumer demand can prevent monopoly to charge a price they want as if the demand is elastic, then it wouldn't be beneficial for a monopoly to rise to the price they want.
Therefore (c) Consumer Demand is the answer to this question
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Which of the following prevents a monopoly from successfully
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1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes s...
1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes some market power. It can raise its price, within limits, without the quantity demanded falling to zero. The main way it retains its market power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry. Consider the market for computer technology. Patents are granted to inventors of a product or process for a certain number of...
1.) An industry is said to be a natural monopoly when: A. legal barriers limit entry...
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1A Marginal revenue for a monopoly firm is: not related to the price that the monopolist...
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A refrigerator monopolist charges a price of 60 and sells40 refrigerators. Its average cost is 20....
A refrigerator monopolist charges a price of 60 and sells40 refrigerators. Its average cost is 20. An antitrust authority decided that if there are five refrigerator suppliers, then price would be equal to average cost. With five suppliers, the price is 30, average cost is also 30, and the number of refrigerators produced is 70. Notice that the average cost of five firms is higher than the average cost of one firm. This is because of the economies of scale....
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Which of the following is true of price discrimination? a. It involves charging whatever the market will bear. b. In a competitive market, prices may have to be higher than in a market where the firm has a monopoly. c. It makes economic sense to charge the same prices in different countries. d. It exists whenever consumers in different countries are charged the same price for the same product, irrespective of variations. e. It cannot help a company maximize its...
Help with 2-4 please. 2. Which of the following is correct? A. A purely competitive firm...
Help with 2-4 please.
2. Which of the following is correct? A. A purely competitive firm is a "Price Taker," while a monopolist is a "Price Maker." B. A purely competitive firm is a "Price Maker," while a monopolist is a "Price Taker." C. Both purely competitive and monopolistic firms are "Price Takers." D. Both purely competitive and monopolistic firms are "Price Makers." 3. Which of the following is not a barrier to entry? A. Economies of Scale B. Ownership...
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Which of the following can create monopolies? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. ? Scarce resources ? Government intervention 7 Economies of scale ? Aggressive business tactics Governments create monopolies through intellectual property rights such as patents and copyrights because: Othey want firms to make profits. they do not understand the losses due to monopoly. they do not...
Which of the following best describes the condition that leads to a natural monopoly? The firm takes anti-competitive actions to keep other firms out. Economies of scale are large relative to quantity demanded in a market. The government prohibits entry into an industry A single firm controls an industry because there are very few customers in the industry occurs when the price of a good changes and consumers have an incentive to consume less of the good with a higher...
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Help with 2-4 please.
2. Which of the following is correct? A. A purely competitive firm is a "Price Taker," while a monopolist is a "Price Maker." B. A purely competitive firm is a "Price Maker," while a monopolist is a "Price Taker." C. Both purely competitive and monopolistic firms are "Price Takers." D. Both purely competitive and monopolistic firms are "Price Makers." 3. Which of the following is not a barrier to entry? A. Economies of Scale B. Ownership...
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