What is the defining characteristic of a monopoly?
Introduction to Monopoly

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Business
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11th Grade - University
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Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Multiple sellers of a good
A single seller of a good
No sellers in the market
Two sellers of a good
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a monopoly differ from perfect competition?
Monopolies have no sellers
Monopolies have multiple sellers
Monopolies are price takers
Monopolies have a single seller
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by 'monopoly power'?
The ability to influence market prices
The inability to influence market prices
The inability to produce goods
The ability to increase market competition
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a monopolist choose to reduce output?
To decrease prices
To increase prices and profits
To increase market competition
To reduce market share
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a barrier to entry?
An advantage for new firms
A benefit for consumers
An obstacle for existing firms
An obstacle for new firms
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do patents act as a barrier to entry?
They give a firm exclusive rights to produce a good
They prevent any firm from producing a good
They allow multiple firms to produce the same good
They encourage new firms to enter the market
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can product differentiation lead to monopoly power?
By making products identical
By increasing the number of competitors
By reducing consumer choice
By creating unique products with no substitutes
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