A competitive firm is a price taker, whereas a monopolist is a price maker
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The fundamental source of monopoly power is
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barriers to entry
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Most markets are not monopolies in the real world because
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there are reasonable substitutes for most goods
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Which of the following is not an example of a barrier to entry
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A college student starts a part time tutoring business
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Patent and Copyright laws encourage
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Both a and b are correct
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Figure 15-1: The shape of the average total cost curve reveals information about the nature of the barrier to entry that might exist in a monopoly market. Which of the following monopoly types best conicides with the figure?
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Natural monopoly
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Figure 15-6: In order to maximize profits, the monopolists should produce
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12 units
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An oligopoly is a market in which
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there are only a few sellers, each offering a product similar or identical to the products offered by other firms in the market
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in general game theory is the study of
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how people behave in strategic situations
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A distinguishing feature of an oligopolistic industry is the tensions between
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cooperation and self interest
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