Do you understand monopoly?

This quiz tests your knowledge of market structures examining the area of monopoly

published on March 12, 201191 responses 0 2.5★ / 5

In a monopoly

One firm produces a good for which there are very few substitues
One firm produces a good for which there are many substitutes

Which of the following is not a barrier to entry in a monopoly

Select the one correct answers
The granting of patents or copyrights
Raw materials are distributed evenly among companies
Significant economies of scale
All of the above

Which of the following is an example of a monopoly

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Miller - beer manufacturer
Avonmore - dairy producers
Microsoft - computer technology corporation

The demand curve for a monopoly is

The same as the demand curve for the industry
Flat as monopolies are price takers

Monopolies earn supernormal profits in

Select the one correct answers
The long run
The short run
Both the long run and the short run