Microeconomics - Chapter 17 - Monopoly - Custom Scholars
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Microeconomics – Chapter 17 – Monopoly

question
How Monopoly Arises
answer
No close substitutes, barriers to entry
question
Barrier to Entry
answer
Any restraint that protects a firm from competitors.
question
Three types of barrier to entry
answer
Natural, ownership, legal
question
Natural barrier to entry is the same as?
answer
Natural monopoly
question
Natural Monopoly
answer
Exists when the technology for producing a good or service enables one firm to meet the entire market demand at a lower price than two or more firms could.
question
Economy of Scale
answer
A proportionate saving in costs gained by an increased level of production.
question
Ownership Barrier to Entry
answer
Monopoly arises because entry is restricted by the concentration of ownership of a natural resource.
question
Legal Barrier to Entry
answer
Creates legal monopoly
question
Legal Monopoly
answer
A market in which competition and entry are restricted by granting of a public franchise, government license, patent, or copyright.
question
Public Franchise
answer
An exclusive right granted to a firm to supply a good or service.
question
Government License
answer
Controls entry into particular occupations, professions, and industries.
question
Single-price Monopoly
answer
A firm that must sell each unit of its output for the same price to all its customers.
question
Price-discriminating Monopoly
answer
A firm that is able to sell different units of a good or service for different prices.
1 of 13
question
How Monopoly Arises
answer
No close substitutes, barriers to entry
question
Barrier to Entry
answer
Any restraint that protects a firm from competitors.
question
Three types of barrier to entry
answer
Natural, ownership, legal
question
Natural barrier to entry is the same as?
answer
Natural monopoly
question
Natural Monopoly
answer
Exists when the technology for producing a good or service enables one firm to meet the entire market demand at a lower price than two or more firms could.
question
Economy of Scale
answer
A proportionate saving in costs gained by an increased level of production.
question
Ownership Barrier to Entry
answer
Monopoly arises because entry is restricted by the concentration of ownership of a natural resource.
question
Legal Barrier to Entry
answer
Creates legal monopoly
question
Legal Monopoly
answer
A market in which competition and entry are restricted by granting of a public franchise, government license, patent, or copyright.
question
Public Franchise
answer
An exclusive right granted to a firm to supply a good or service.
question
Government License
answer
Controls entry into particular occupations, professions, and industries.
question
Single-price Monopoly
answer
A firm that must sell each unit of its output for the same price to all its customers.
question
Price-discriminating Monopoly
answer
A firm that is able to sell different units of a good or service for different prices.
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