Question

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.

When supply shifts left and demand shifts right,

the equilibrium price is indeterminate.

the equilibrium quantity always rises.

the equilibrium price always rises.

the equilibrium quantity always falls.

the equilibrium price always falls.

Answer 1

Q7
Answer
Option 4
exists when a single company supplies the entire market for a particular good or service.
A monopoly is a market where only one seller produces or sells to the whole market.
The market had entry barrier and protected, so a monopolist is a price maker and has power over price.
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Q8
ANswer
option 3
   the equilibrium price always rises

A supply shifts left means the quantity decreases and price increases
A demand shift right means both quantity and price increases
in total, the price increases but quantity effect depend on the dominant effect.