Microeconomics

Which one is a characteristic of Monopoly?

• No alternative buyers

• The number and nature of buyers

Choose the correct advantage and disadvantage of Monopoly

(One each)

• Stability of prices

• Higher stability of consumers

• Some sources revenue are price discrimination

• Exploitation of consumers

Which two are the types of Monopoly?

• Simple Monopoly

• Natural Monopoly

• Patent Monopoly

Company that is operating as a Monopoly under a government mandate.

• Fiscal Monopoly

• Chosen Monopoly

• Legal Monopoly

Do Monopolies have the market power to set prices higher than in competitive markets?

• True

• False

A Monopsony is a market condition in which there is only one seller.

• True

• False

Is Monopoly a single seller, selling a unique product in the market? 

• True

• False