Which one of the following is the most accurate

14. Which one of the following is the most accurate description of a monopolist?
A. a sole producer of a narrowly defined product class, such as brown, Grade A eggs produced
in Eagle County, Colorado
B. a firm that is very large relative to all its competitors within a narrow product class
C. a sole producer of a product for which good substitutes are lacking in a market with high
barriers to entry
D. a large, multinational firm that produces a single product in a narrow product class
15. When a natural monopoly exists in a given industry, the per-unit costs of production will be
16. The slope of the demand curve for a monopoly firm is

17. When J.K. Rowling exerts copyright ownership of her literary works, she creates a monopoly
by restricting
18. When the demand for a good or service limits the quantity that can be sold to an output at
which the firm experiences economies of scale,
A. the firm is a natural monopoly.
B. there are close substitutes for the good the firm produces.
C. firm is a single-price monopoly.
D. firm is well protected from competition by a legal barrier.
19. Refer to the table below. The information pertains to the demand curve and the average cost
curve for a natural monopoly firm. What will the price be in this market?
Price Quantity Demanded LRAC
50 1 $10.00
35 2 $20.00
20 3 $24.00
5 4 $37.50