One of the key reasons why monopolies exist is:
A. there is easy entry and exit into and out of the market.
B. the goods sold are highly inaccessible to buyers.
C. there are barriers to entry into the market.
D. geographical differences.
C. there are barriers to entry into the market.
You might also like to view...
The data in the table above give two points on the demand curve for pizza. Using the midpoint method, when the price of a pizza falls from $10 to $9, what is the price elasticity of demand?
A) 0.5 B) 0.6 C) 0.9 D) 2.1 E) 8.6
Refer to Figure 10-4. What is the marginal rate of substitution for one bar of chocolate between g and h?
A) of a cookie. B) of a cookie. C) 2 cookies. D) 3 cookies.
If it is not profitable for more than one firm to be in an industry, we have an example of
A) monopoly due to ownership of key resources. B) monopoly due to governmental entry restrictions. C) monopoly due to economies of scale. D) pure competition.
A person who is switching careers and is unemployed while looking for a better job is an example of
a. Cyclical Unemployment b. Frictional Unemployment c. Structural Unemployment d. Reciprocal Unemployment e. Transitional Employment