Econ 201 (ECON 201)

Question 1 One defining characteristic of pure monopoly is that: A. The monopolist is a price taker B. The monopolist uses advertising C. . The monopolist produces a product with no close substitutes D. There is relatively easy entry into the industry, but exit is difficult Question 2 Which is a barrier to entry? A. Close substitutes B. Diseconomies of scale C. Government licensing D. Price-taking behavior Question 3 Other things equal, which reduces competition in an industry? A. Patent la...