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ECON EXAM #3 2024/2025 WITH 100% ACCURATE SOLUTIONS
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ECON EXAM #3 2024/2025 WITH 100% ACCURATE SOLUTIONS
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ECON EXAM #3 2024/2025 WITH 100%ACCURATE SOLUTIONS
is a patent a barrier to entry? - Answer ✔✔yes
is exclusive ownership of a resource a barrier to entry? - Answer ✔✔yes
is mass production a barrier to entry? - Answer ✔✔yes
is an oligopoly barrier to entry? - Answer ✔✔no
is collusion a barrier to entry? - Answer ✔✔no
are homogenous products barrier to entry? - Answer ✔✔no
Which of the following are characteristics of a monopoly market structure?
there are low barriers to entry into the market.
there is only one firm in the industry.
no close substitutes are available.
firm(s) have little to no price-setting power - Answer ✔✔there is only one firm in
the industry.
, no close substitutes are available.
In each scenario, select the source of monopoly market power.
a. Mary McFly invents a time machine and gets legal protection from competition.
b. One electric company can operate at a lower cost than multiple electric
companies.
c. The author of Economics for Dumbbells is given exclusive rights to produce this
book.
d. Only the United States Postal Service can deliver first-class mail by law.
e. DeJeers Jewelers owns 80% of the world's diamond mines. - Answer ✔✔a.
patent
b. economies of scale
c. copyright
d. government franchise
e. control over a significant input
What are economies of scale? - Answer ✔✔a proportionate saving in costs gained
by an increased level of production.
google says: a proportionate saving in costs gained by an increased level of
production.
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