Diff 2 Page Ref 488488 Topic Characteristics of Monopoly Learning Outcome Micro

Diff 2 page ref 488488 topic characteristics of

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Diff: 2Page Ref: 488/488Topic: Characteristics of MonopolyLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and howpublic policies affect monopoliesAACSB:5
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.20) To maintain a monopoly, a firm must have20)Diff: 2Page Ref: 489/489Topic: Barriers to EntryLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Reflective Thinking21) Which one of the following about a monopoly isfalse?21)Diff: 2Page Ref: 489/489Topic: Barriers to EntryLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Reflective Thinking22) A local electricity-generating company has a monopoly that is protected by an entry barrier thattakes the form of22)Diff: 1Page Ref: 493-494/493-494Topic: Barriers to EntryLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Reflective Thinking23) A patent or copyright is a barrier to entry based onA) government action to protect a producer.B) large economies of scale as output increases.C) widespread network externalities.D) ownership of a key necessary raw material.Answer: A23)Diff: 1Page Ref: 490-491/490-491Topic: Patents and CopyrightsLearning Outcome: Micro 5: List ways in which governments intervene in markets and explain theconsequences of such interventionAACSB: Reflective Thinking6

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