What is a monopoly Quizizz?

A type of monopoly that arises because a single firm can supply a good or service to an entire market at a lower cost than could two or more firms. Monopoly. Natural Monopoly.

What are some of the questions in monopoly?

15 Monopoly Trivia Questions & Answers

  • Q1 – Which one of the four railroads in Monopoly was not a real railroad?
  • Q2 – What color are the houses in the classic version of Monopoly?
  • Q3 – In what year was Monopoly invented?
  • Q4 – In the board game Monopoly, which property are you most likely to land on?

Which of the following could be true of perfect competition but not of monopoly?

There are no close substitutes for a monopolist’s product. Which of these is likely to be true of perfect competition but not of monopoly? A firm can face competition from new entrants into the market in the long run.

Which of the following statement about a monopoly is false Mcq?

The correct answer is B. Monopolies have no barriers to entry or exit.

What is monopoly power Mcq?

Solution(By Examveda Team) Monopoly power (also called market power) refers to a firm’s ability to charge a price higher than its marginal cost. Monopoly power typically exists where the there is low elasticity of demand and significant barriers to entry.

What Colour is Pentonville in monopoly?

Colour Name Value
Light blue Pentonville Road £120
Pink Pall Mall £140
Whitehall £140
Northumberland Avenue £160

How does monopolist fix the price of his product?

A monopolist fixes price of his product on the basis of elasticity of demand for his product.

How does monopolist fix the price of his product explain?

The monopoly always considers the demand for its product as it considers what price is appropriate, such that it chooses a production supply and price combination that ensures a maximum economic profit, which is determined by ensuring that the marginal cost (determined by the firm’s technical limitations that form its …

What is monopoly microeconomics?

Monopoly is a situation where there is a single seller in the market. In conventional economic analysis, the monopoly case is taken as the polar opposite of perfect competition. By definition, the demand curve facing the monopolist is the industry demand curve which is downward sloping.

What is a monopoly in economics Mcq?

The correct answer is Monopsony. A monopsony occurs when a firm has market power in employing factors of production. It means there are one buyer and many sellers. When the market is under a monopsony, the market is dominated by a single buyer while, in the case of monopoly, a single seller is seen in the market.

Is monopolist a price taker?

A monopolist is not a price taker, because when it decides what quantity to produce, it also determines the market price. For a monopolist, total revenue is relatively low at low quantities of output, because it is not selling much.

What do you know about monopolies?

When a firm is the only producer of a given product or is the only one offering a given service in the market it has a lot of power over the pricing and this is called a monopoly market. What do you know about this type of market, its level of demand and supply and characteristics?

How do you solve a problem like a monopoly?

Using regulations to force a natural monopoly to charge a price equal to its marginal cost of production will cause the monopoly to lose money and exit the industry. 15. Most economists argue that the most efficient solution to the problem of monopoly is that the monopoly should be publicly owned.

What are the pros and cons of a monopoly?

A company with a monopoly can pick their customers, even if they discriminate against someone based on their race, gender, or religion. Monopolies are typically owned and run by illegal groups like gangs and mobs, so they provide legal protection to criminal activities. They limit consumer choice, so they are discouraged.