Do you understand monopoly? This quiz tests your knowledge of market structures examining the area of monopoly Jen.Preston published on March 12, 20114 responses 0 « Previous Next » Questions in vertical order 1/5 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 2/5 Which of the following is not a barrier to entry in a monopoly Hint: 1 choice The granting of patents or copyrights Raw materials are distributed evenly among companies Significant economies of scale All of the above 3/5 Which of the following is an example of a monopoly Hint: 1 choice Miller - beer manufacturer Avonmore - dairy producers Microsoft - computer technology corporation 4/5 The demand curve for a monopoly is The same as the demand curve for the industry Flat as monopolies are price takers 5/5 Monopolies earn supernormal profits in Hint: 1 choice The long run The short run Both the long run and the short run
