A monopoly might form if which of the following conditions of perfect competition were violated? Question 24Answer a. Many consumers b. Fully informed consumers c. Free entry and exit d. Firms produce identical products

A monopoly might form if which of the following conditions of perfect competition were violated? Question 24Answer a. Many consumers b. Fully informed consumers c. Free entry and exit d. Firms produce identical products

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter24: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 4CQ

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Question

A monopoly might form if which of the following conditions of perfect competition were violated?

Question 24Answer

Many consumers

Fully informed consumers

Free entry and exit

Firms produce identical products

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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