Which best describes the availability of substitutes in a monopoly?
b. There are no substitutes.
Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?
d. technological monopoly
The market for which item generally involves pure competition?
Which best describes how the government enables government monopolies to exist?
c. by creating and running a monopoly
Who sets the price in a monopolistic competition?
a. producers and consumers
The lack of competition within a monopoly means that
d. monopolists set their own price.
Why is competition limited in an oligopoly?
a. High entry costs prevent new producers from entering the market.
Which is an example of a government monopoly in the United States?
a. the US Postal Service
______________ is the term used to describe the amount of control or influence that consumers have on a market.
Why is the automobile industry considered an oligopoly?
b. It has significant barriers to entry.
e. It depends on brand loyalty and image to generate sales.
f. It is dominated by a few key players.
When an oligopoly exists, how many producers dominate the market?
c. a few
____________ is the type of competition that occurs in a competitive market without identical producers.
In pure competition, producers compete exclusively on the basis of
a. sell identical items.
Natural monopolies occur when one producer
a. can meet the market’s entire demand.
In the United States, which type of industry is often considered part of an oligopoly?
b. cell phone carriers
Which best describes how the government sanctions technological monopolies?
c. by issuing a patent for the technology