ECON 201 Microeconomics for Business (ECON201)
American Military University
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American Military University > ECON201: Final Exam – 98% CURRENTLY UPDATED 2021.
- Exam (elaborations) • 19 pages • 2021
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ECON201: Final Exam – 98% Overall Grade (highest attempt): 157.5 / 160 - 98.44 % Question 1 5/5 One defining characteristic of pure monopoly is that: The monopolist is a price taker The monopolist uses advertising There is relatively easy entry into the industry, but exit is difficult Question 2 5/ 5 Which is a barrier to entry? Close substitutes Diseconomies of scale Price-taking behavior Question 3 5/5 Other things equal, which reduces competition in an industry? Freedom of entry for new fir...
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American Military University > ECON201: Final Exam – 98%
- Exam (elaborations) • 8 pages • 2021
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ECON201: Final Exam – 98% 
Overall Grade (highest attempt): 157.5 / 160 - 98.44 % 
 
 
Question 1	5/5 
One defining characteristic of pure monopoly is that: The monopolist is a price taker 
 The monopolist uses advertising 
 
 
 
 There is relatively easy entry into the industry, but exit is difficult 
 
Question 2	5/5 
Which is a barrier to entry? 
 
 Close substitutes 
 
 Diseconomies of scale 
 
 
 
 ...
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