AP Microeconomics: Unit 4 Exam Questions and Answers
AP Microeconomics: Unit 4 Exam Questions and Answers 5 Characteristics of a Monopoly - Answer>> 1) Single Seller 2) Unique good with no close substitute 3) "Price Maker" 4) High Barriers to Entry 5) Some "Nonprice" Competition Single Seller (1) - Answer>> -one firm controls the vast majority of a market -firm=industry "Price Maker" (3) - Answer>> -firm can manipulate price by changing the quantity produced (ie. shifting supply to the left)
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