7 - Course: Microeconomics Instructor: Jonathan Nguyen...

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Course: Microeconomics Instructor: Jonathan Nguyen Date: Student name: Quiz 7 MONOPOLY 1. Give an example of a government created monopoly. Is creating this monopoly necessarily bad public policy? Explain …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………… 2. Define “natural monopoly”. What does the size of a market have to do with whether an industry is a natural monopoly? …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… ……………………………………………………………………………………………
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This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

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7 - Course: Microeconomics Instructor: Jonathan Nguyen...

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