Which of the following could explain why a firm that is not a monopoly becomes one?
b.increasing ease of access to resources
d.the number of substitute goods falls from many to few
e.a perfectly horizontal firm demand curve
63. In a monopoly market structure, the industry demand
a.is horizontal and the firm’s demand is vertical
b.is downward sloping and the firm’s demand is horizontal
c.is vertical and the firm’s demand is horizontal
d.and the firm’s demand are identical
e.is downward sloping and the firm’s demand is vertical
64. The firm’s demand curve and the industry’s demand curve are identical in the _________
e.perfect competition and monopolistic
65. What distinguishes a natural monopoly from a monopoly?
a.One firm can supply the entire range of demand (picture a downward-sloping
industry demand curve) at a lower ATC than can any number of firms.
b.One firm has exclusive access to raw materials.
c.The firm has been issued a patent on a cost-saving technology.
d.The government regulates the industry, allowing only one firm to produce.
e.The market contained two firms that merged to become one.
66. A distinguishing characteristic of a natural monopoly is that
a.the government restricts the number of firms to one for the industry
b.the ATC curve is downward sloping over the entire production range
c.the TC curve is downward sloping over the entire production range
d.its demand curve is horizontal
e.the industry’s demand curve is also the firm’s demand curve
67. Think of the firms and industries that are familiar to you—how many firms in the
industry, what their cost structures may look like—and decide which among them is least
likely to be a natural monopoly.
a.a professional football franchise in Toledo, Ohio
b.a pharmaceutical firm that produces a life-saving drug after 10 years of research
c.a public utilities firm, such as an electric power company
d.a high school in a small rural Kentucky town
e.an alternative rock band
68. Which of the following could effectively destroy a monopoly structure?
a.the appearance of just one close substitute good
b.its exclusive access to resources
c.its patent on a new technology
d.a government restriction on entry
e.a merger of two once-competing firms
69. Which of the following could be threatening to an existing monopoly structure?
a.impossible-to-overcome barriers to entry
b.the depletion of alternative resources that could be used to produce the good that is
being produced by the monopolist
c.the extension of years enforcing a patent right
e.technological innovation that makes the old techniques of producing a good obsolete
70. Which of the following serves to protect a monopoly structure?
a.appearance of close substitute goods
b.creation of technologies that serve to break down barriers to entry
c.continuing exclusive access to resources required to produce the good
d.easier access to resources required to produce the good
e.diseconomies of scale
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