a government issued right to operate a business

What is a problem with monopolies?

they can take advantage of the market and charge high prices

the right to sell a good or service within a market

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Monopoly WLHS

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A #economics #blindquiz to introduce the basics of #monopolycompetition to #grade12

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Questions 12

Answers

1
what is the answer to question number one?
all of the choices
control over prices: complete
Dominated by a single seller
Monopoly competition
2
what is a license?
a patent
what you need to drive with or else you will get pulled over
and fined...
a government issued right to operate a business
3
What is a problem with monopolies?
bill gates came up with a monopoly
they can take advantage of the market and charge high prices
they lose money too fast
it's a board game, not an economic term
4
what are the three conditions a market must meet for price discrimination to work?
all of the choices
distinct customer groups
difficult resale
market power
5
which are characteristics of a monopoly?
Dominated by a single seller
neither
both
complete control over prices
6
which market runs most efficiently when one large firm provides all of the output?
perfect competition
natural monopoly
market power
monopoly
7
what is a monopoly created by the government through the use of barriers to entry in markets?
maconoplies
Monopolies
Government monopolies
darmanopolies
8
which one is incorrect?
a great variety of goods
number of firms: one
control over prices: complete
barriers to entry: complete
9
what gives a company exclusive rights to sell new goods or services?
monoplies
franchise
patent
license
10
What forms when barriers prevent firms from entering a market that has a single supplier?
Monopolistic Competition
Monopoly competition
Perfect Competition
Oligopoly Competition
11
what is an example of targeted discounts?
dairy queen
answer 2
products sold out
Discounted airline fares
12
what is a franchise?
zaxby's
the right to sell a good or service within a market
The Federal Communications
a government issued right to operate a business

Monopoly WLHS Flashcards | StudBud