ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) To enter a local cable television market, a firm needs a license from the city government. This is anexample of
1)Diff: 1Page Ref: 487/487Topic: Characteristics of MonopolyLearning Outcome: Micro 5: List ways in which governments intervene in markets and explain theconsequences of such interventionAACSB: Reflective Thinking
2) The National Football League owns the NFL Network, a 24-hour cable channel devoted entirely topro football. The network is available through satellite providers but several major cablecompanies, including Time Warner, do not offer the network. If Taylor chooses to pay a highermonthly charge by switching from cable to a satellite provider so he can watch the NFL Networkand Harriet chooses not to do the same, then
2)Diff: 2Page Ref: 487/487Topic: Characteristics of MonopolyLearning Outcome: Micro 6: Explain the fundamentals of the elasticity of supply and demand and theapplications of bothAACSB: Reflective Thinking
3) A monopoly is a seller of a product
Diff: 1Page Ref: 488/488Topic: Characteristics of MonopolyLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopolies
AACSB: Reflective Thinking