Microeconomics Study Set 10
Quiz 14: Monopoly
A Perfect Monopoly
A perfect monopoly: A) has no competition at all. B) has complete market control. C) restricts output to maximize profits. D) All of these statements are true.
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A monopoly: A) is a price taker. B) faces competition from other firms producing close substitutes. C) restricts its output. D) sets a low price by controlling the level of output.
A perfect monopoly: A) refers to a single seller. B) can extract all consumer surplus from a market. C) controls 90 to 100 percent of the market for a product. D) would produce efficient outcomes.
A perfect monopoly: A) can be a single seller or small group of firms. B) can offer a product at the lowest cost possible. C) controls 100 percent of the market for a product. D) always engages in price discrimination.
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