Which of the following is not a characteristic of a monopoly?__________________
A. barriers to entry
B. one seller
C. one buyer
D. a product without close substitutes
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Which of the following is not a reason for the existence of a monopoly?__________________
A. sole ownership of a key resource
B. patents
C. copyrights
D. diseconomies of scale
A natural monopoly occurs when__________________
A. the product is sold in its natural state, such as water or diamonds.
B. there are economies of scale over the relevant range of output.
C. the firm is characterized by a rising marginal cost curve.
D. production requires the use of free natural resources, such as water or air.
When a firm operates under conditions of monopoly, its price is__________________
A. not constrained.
B. constrained by marginal cost.
C. constrained by demand.
D. constrained only by its social agenda.
When a monopolist decreases the price of its good, consumers__________________
A. continue to buy the same amount.
B. buy more.
C. buy less.
D. may buy more or less, depending on the price elasticity of demand.
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