hen one company has all the market power because it can produce on a large scale cheaply, it is considered to be a ... Group of answer choices a. Natural Monopoly b. Unique Monopoly c. Government granted monopoly d. Favored nation monopoly
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- A natural gas company has a low average total cost due to its large scale production. The initial cost of setting up the infrastructure, such as pipes and hoses, makes it risky and, most likely, unprofitable for competitors to enter the market. Which barriers to entry appropriately explains why this monopoly exists? Group of answer choices Economies of Scale Legal Monopoly Control of a Physical ResourceDe Beers Group, is considered monopoly because it controlled a large percentage of diamond production and sales. Which barriers to entry appropriately explains why this monopoly exists? Group of answer choices Control of a Physical Resource Legal Monopoly Natural MonopolyRegulation of coal falls solely under provincial jurisdiction because it is a natural resource. Select one: True False
- Anything that prevents new firms from competing on an equal basis with existing firms in an industry is called a barrier to entry. was the statment true or falseNo written by hand solution If a company is a monopoly, does it mean that it will always be profitable and successful since it can charge anything it wants in the market?As the manager of a monopoly, you face potential government regulation. Your inverse demand is P = 50 - 1Q, and your costs are C(Q) = 18Q.a. Determine the monopoly price and output.Monopoly price: $______ Monopoly output: units______
- Natural monopoly firm exists to meet the nature of a community demand. Explain why regulation is still needed for this firms. Use Natural Monopoly Model diagrams to explain your answerQuestion 22 Which of the following is not a reason for the existence of a monopoly? Group of answer choices sole ownership of a key resource patents copyrights diseconomies of scaleIn a pure monopoly, modern technology means that some industries can only achieve efficient and low-cost production if the producers are extremely large: 1. in relation to the market and in absolute terms 2. regardless of the market 3. in absolute terms 4. relative to the market
- A monopoly can sell 20 units of output for $18 per unit. Alternatively it can sell 21 units of output for $16 per unit. The marginal revenue of the 21st unit of output is... [If the answer is negative, please include the minus sign in your answer]Which of these situations is likely to produce a monopoly market structure? Group of answer choices a. Patent b. New design c. Great advertising d. Could be either a patent, new design or great advertisingThe residents of the town Ectenia all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $2,000,000 and no variable costs. There are 100,000 town residents, and each has the same demand for museum visits: QD=12−P, where P is the price of admission. What kind of market would describe the museum? Perfectly competitive market Single-price monopoly Natural monopoly The mayor proposes financing the museum with a lump-sum tax of $20 and then opening the museum to the public for free. Under this system, each person would visit times. The benefit each person would get from the museum would be . (Hint: You can measure the benefit as consumer surplus minus the new tax.) The mayor's anti-tax opponent says the museum should finance itself by charging an admission fee. The lowest price the museum can charge without incurring losses is . (Hint: Find the number of visits and museum profits for…
