Monopoly
- Created by: Jade
- Created on: 01-12-12 12:09
Other questions in this quiz
2. Evidence of monopoly power would be where ?
- A firm exploits scarce resources to increase output
- A firm charged high prices and restricted output in order to make excessive profits
- A firm charged high prices in order to make excessive profits
3. Which of these is not a reason why a monopoly may be the best market structure?
- Significant economies of scale
- Research and development
- Predatory pricing
- Compete internationally more easily that small firms
4. In a monopoly, which of these comments is true?
- Average revenue is higher than average cost
- Price is set where AC=MC
- Average cost is higher than average revenue
- Marginal revenue is higher than average cost
5. Train operating companies run exclusive train services for the duration of their franchise. This is an example of a?
- Legal monopolies
- Natural monopoly argument
- Market leadership
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