4.1.5.6 Monopoly and Monopoly Power NOTES

4.1.5.6 Monopoly and Monopoly Power NOTES

Professional Development

19 Qs

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4.1.5.6 Monopoly and Monopoly Power NOTES

4.1.5.6 Monopoly and Monopoly Power NOTES

Assessment

Quiz

Social Studies

Professional Development

Easy

Created by

James Hannaford

Used 5+ times

FREE Resource

19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the monopolist's marginal revenue (MR) curve depict?

The total revenue generated from all sales

The cost associated with producing one more unit of product

The rate at which revenue decreases as additional units are sold

The quantity consumers are willing to purchase at various prices

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At what point does a monopolist achieve profit maximization?

Where marginal cost (MC) equals marginal revenue (MR)

Where total revenue equals total cost

Where marginal cost (MC) is less than marginal revenue (MR)

Where price is highest on the demand curve

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a consequence of monopoly in terms of market efficiency?

Enhanced competitive practices

Reduced deadweight loss

Increased consumer surplus

Allocative inefficiency

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor strengthens monopoly power by preventing new competitors?

Increased number of competitors

Lower product differentiation

Barriers to entry

Decreased advertising

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does advertising affect monopoly power?

It fosters brand loyalty and differentiation

It reduces brand loyalty

It decreases product differentiation

It makes it easier for new entrants to compete

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role does product differentiation play in a monopoly?

It decreases the monopolist's ability to set higher prices

It reduces consumer loyalty

It allows the monopolist to maintain market dominance

It increases market competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an advantage of monopolies?

Economies of scale

Allocative inefficiency

Reduced consumer choice

Higher prices for consumers

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