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Questions and Answers
What is a characteristic of a monopoly?
What is a characteristic of a monopoly?
- Being a price-taker
- Low barriers to entry
- Offering unique products (correct)
- Multiple firms dominating the market
What is considered a barrier to entry in monopolies?
What is considered a barrier to entry in monopolies?
- High competition
- Technological advancements
- Marketing budgets (correct)
- Low start-up costs
What are some advantages of monopolies mentioned in the text?
What are some advantages of monopolies mentioned in the text?
- Economies of scale (correct)
- Price competition
- Lack of innovation
- Increased competition
In an oligopoly, how do firms typically behave towards each other?
In an oligopoly, how do firms typically behave towards each other?
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What differentiates oligopolies from monopolies based on the text?
What differentiates oligopolies from monopolies based on the text?
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What are common types of barriers to entry in monopolies?
What are common types of barriers to entry in monopolies?
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In what way does a monopoly affect price?
In what way does a monopoly affect price?
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What differentiates oligopoly firms' behavior from monopolies?
What differentiates oligopoly firms' behavior from monopolies?
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What is a characteristic of oligopolies in terms of market dominance?
What is a characteristic of oligopolies in terms of market dominance?
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How do monopolies impact innovation compared to competitive markets?
How do monopolies impact innovation compared to competitive markets?
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