When a perfectly competitive industry is taken over by a monopoly, some consumer surplus is transferred to the monopolist in the form of economic profit marginal cost deadweight loss

Q: Discuss advantages and disadvantages of monopoly and perfect competition market structures. Would a…

A: A monopoly is a company's dominant position in an industry or sector such that it has the ability to…

Q: Long run profits for a monopolist   options:   are not possible because of free entry.   are…

A: The long run alludes to a timeframe where all factors of production and costs are variable. For a…

Q: Which of the following is a barrier to entry in a monopoly market? O Antitrust laws. Economic profit…

A: Antitrust laws are the barriers for monopolies.

Q: Which of the following statements applies to a monopolist but not to a perfectly competitive firm at…

A: Profit maximization occurs at the point where the marginal revenue and marginal cost are equal.

Q: demand curve, marginal revenue, and marginal cost curves for a monopoly and indicate the quantity of…

A: A monopolist is a person who is a single-seller selling differentiated goods. He is the price(P)…

Q: Barriers to entry may allow monopolies to earn positive economic profit in the long run prevent a…

A: Barriers to entry is that feature of a market which makes it difficult for new firms to enter the…

Q: Creativ-Design, Inc. has 68% of the market share in a particular geographic region for one of its…

A: MONOPOLY A monopoly is a form of market where there is a single seller and a large number of buyers.…

Q: Which of the following is not a characteristic of the market in which a monopolistic firm exists?…

A: Monopoly is a form of imperfect competition. There is one firms. The number of consumers is high.…

Q: What will happen if a monopoly raises its price?     a Quantity demanded will increase. b Quantity…

A: In a monopoly market, there is only one single firm that supplies output for a large number of…

Q: Select one or two examples of an industry characterized by monopoly and discuss how each example…

A: A monopoly is a market structure characterized by the existence of a single firm as the producing…

Q: Which of the following is not a characteristic of a natural monopoly? Group of answer choices demand…

A: Monopoly is defined as the market structure where there is only a single seller of the good. This…

Q: A perfectly competitive firm is expected to make a $0 economic profit in the long-run. What type(s)…

A: Perfect competition happens when all companies sell the same things, market share has no influence…

Q: Which of the following is not a feature of a monopoly? Group of answer choices highly regulated will…

A: A monopoly firm is generally characterized by single or very few sellers and large number of buyers.…

Q: A monopolist faces a demand curve P = 210 - 3Q and faces a constant marginal cost MC = 15.…

A: In economics, profit maximization is the short run or long run process by which a firm may determine…

Q: Compare and contrast the decision-making processes of a competitive firm versus a monopoly firm.

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: Pure monopoly is able to exist the firm’s product is better that the substitutes that are available…

A: Answer: False, Explanation: A pure monopoly is a market situation where there is a single seller of…