pure competition compared to a monopoly is that: A. economies of scale become less important. B. businesses have more incentives to keep prices low. C. more capital is available for research and development. D. consumers have to make fewer economic choices.
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- Comparing a perfectly competitive market to a monopoly, which of the following is true? a. Price will be higher and quantity will be lower in the perfectly competitive market than in the monopoly. b. Price will be equal to marginal revenue in the perfectly competitive market but will be higher than marginal revenue in the monopoly. c. at that point on the market demand curve which intersects the marginal cost curve. d. Price will be higher than marginal cost in the perfectly competitive market but will be equal to marginal cost in the monopoly.When a firm or business holds a patent and has no competition in manufacturing a good or providing a service, it is known as _____. a. a technological monopoly b. a natural monopoly c. monopolistic competition d. perfect competitionDifferent between the monopoly market and perfect competition market. Define in a well manner.
- a. The perfectly competitive firm exhibits resource allocative efficiency (P = MC), but the single-price monopolist does not. What is the reason for this difference?b. Explain three reasons why monopolies arise. c. Why is the marginal revenue of a perfectly competitive firm equal to the market price? d. Would a perfectly competitive firm produce if price were less than theminimum level of average variable cost? Why?A market structure that is “monopoly” is NOT ... Group of answer choices a. production efficient b. allocation efficient c. neither allocation nor production efficientIf the four-firm concentration ratio in an industry increases, the industry a. may or may not have become less competitive. b. must have become less competitive, although not necessarily a monopoly. c. must have become more competitive. d. must have become a monopoly.
- Please submit the answer and then watch the video feedback.Tony's Tree Service is the only firm in a town that removes large trees. Tony invested in costly bucket trucks and wood chippers when he began his business. Which of the following best describes the barrier to entry that allows Tony to keep his monopoly? a.monopoly resources b.government-created monopoly c.natural monopolyMatch each of the terms to their description: Shutdown Point A. something that keeps new firms from joining a market B. legal protection for inventions C. legal protection for books and music D. a firm that operates as a monopolist Price maker Barriers to Entry Copyright E. revenues do not cover its average variable costs PatentWhich of the following is not an artificial barrier to entry into a monopoly market? Answers: A. Patent B. Economies of scale C. Legal harassment D. Bundling products
- As long as _________ exist, a monopolist can earn positive profits in the long run A.Entry barriers B.Maximum prices C.BrandsIf occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect a.competition to force producers to pass the lower production costs on to consumers in the long run. b.the firms in the industry to make long-run economic profit. c.the market price of the products of this industry to decrease in the short run but not in the long run. d.the demand for the products of this industry to increase.How does the monopoly quantity (assuming no price discrimination) compare to the competitive quantity? Assume normally shaped demand (decreasing, not completely elastic or inelastic ) a.The monopoly quantity is higher b.The monopoly quantity is lower c.There is not enough information provided to be sure. d.The monopoly quantity is the same. Which one?