Question

A monopoly a. is an industry with a single seller of a good with no close...

A monopoly

a. is an industry with a single seller of a good with no close substitutes.

b. is an industry with only one buyer.

c. has a horizontal long run supply curve.

d. has a vertical long run supply curve.

e .None of these.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi,

Hope you are doing well!

Question:

Answer:

a. is an industry with a single seller of a good with no close substitutes.

Explanation:

Monopoly Market:

Monopoly market is a market where, there is an industry with a single seller of a good with no close substitutes. There is a single producer or seller in the market.

Features of a monopoly market:

1. Single seller no competition.

2. Price maker because of no close substitute and competitors.

3. Entry is restricted or very tuff.

There is no well-defined supply curve in a monopoly market because of its features. The supply curve is relevant for a price-taker, there is no so supply curve of a price-maker.

Thank You

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1) A market that has a single supplier of a product with no close substitutes and...
1) A market that has a single supplier of a product with no close substitutes and barriers to entry is a) an oligopoly. b) monopolistically competitive. c)a pure monopoly. 2) Barriers to entry: Group of answer choices a) guarantee that a firm will always earn positive economic profit. b) cannot be maintained in the long run because other firms will always find a way to enter a profitable industry. c) are obstacles that make it impossible or unprofitable for new...
7. A monopoly exists when a single consumer demands the entire market for a particular good...
7. A monopoly exists when a single consumer demands the entire market for a particular good or service. exists when there are so many buyers and sellers that each has only a small impact on the market price and output. can have many sellers but only one buyer. exists when a single company supplies the entire market for a particular good or service. exists when either the buyer or the seller has the ability to influence the market price. 9....
1.A firm is a pure monopoly when: a.it is the only seller of a unique product...
1.A firm is a pure monopoly when: a.it is the only seller of a unique product and barriers to entry prevent other sellers from entering the market in the long run. b.it is the only seller of a product that has very few close substitutes and entry into the market in the long run is unrestricted. c.there are only a few other very large firms selling similar products. d.it can sell all it can produce at any price it chooses....
a) In the long run in a competitive constant-cost industry A. A firm’s supply curve is...
a) In the long run in a competitive constant-cost industry A. A firm’s supply curve is upward sloping but the industry supply curve is perfectly elastic at the minimum of AVC. B. firm’s supply curve is upward sloping but the industry supply curve is perfectly elastic at the minimum of ATC. C. Both the industry and a firm’s supply curve are perfectly elastic at the minimum of ATC. 2)Which of the following is correct? A. In a competitive market buyers...
An industry where a change in the number of firms does not affect the prices of...
An industry where a change in the number of firms does not affect the prices of the resources used in the industry will have a long-run supply curve that is A) vertical B) horizontal C) upsloping D) downsloping
A monopoly market has very few substitutes almost none. Yet the seller operates on the elastic...
A monopoly market has very few substitutes almost none. Yet the seller operates on the elastic portion of the demand curve. 01. Explain the statement and justify it using a suitable diagram. Give 2 examples of the same.
Question 1: In a competitive industry a. firms produce a product or service with very close...
Question 1: In a competitive industry a. firms produce a product or service with very close substitutes b. the firms products have a very elastic demand c. the firms have many rivals d. all of the above Question 2: In the long-run, a perfectly competitive firm will achieve a. An average rate of return b. Economic Profits c. Above average profits d. Losses Question 3: In a competitive industry a. the industry has high barriers to entry b. the industry...
If firms in a perfectly competitive industry are making zero economic profit, then a some of...
If firms in a perfectly competitive industry are making zero economic profit, then a some of those firms will leave the industry because firms cannot persistently go without making economic profit. b new firms will enter the industry, because the new entrants would be ensured of doing as well as in their best foregone alternative. c there is no incentive for either entry or exit. d some of the firms will temporarily shut down. e The supply curve shifts to...
When a supply curve a) intersects the​ origin, the good has an elasticity of supply equal...
When a supply curve a) intersects the​ origin, the good has an elasticity of supply equal to zero. b) is​ vertical, the good has an elasticity of supply equal to infinity. c) intersects the​ origin, the good has an elasticity of supply that is negative. d) is​ horizontal, the good has an elasticity of supply equal to zero. e) intersects the​ origin, the good has an elasticity of supply equal to 1.
1. Compared with a perfectively competitive market a monopoly is inefficient because                    a. it raises...
1. Compared with a perfectively competitive market a monopoly is inefficient because                    a. it raises the market price above marginal cost and produces a smaller output.             b. it produces a greater output but charges a lower price.             c. it produces the same quantity while charging a higher price.             d. all surplus goes to the producer.             e. it leads to a smaller producer surplus but greater consumer surplus. 2. The demand curve of a monopolist typically...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT