ECONOMICS 2302 Topic 10 Monopoly LearnAssigment

. Which of the following are characteristics of a contestable firm?  No real barriers to entry  A single firm 2. A pure ______ is the only seller in a market Monopoly 3. Impediments that prevent firms from entering a market or industry are known as: Barriers to entry 4. Consider the market shown below The deadweight loss that results from monopoly production is area A 5. One of the roles of a government is to limit the market power of monopolies or even to eliminate them entirely due to: Market inefficiencies 6. A person who invents the ability to tune travel will likely operate as a _______, because there would be no substitutes and entering that market would be difficult for anyone else. Monopoly 7. The pure monopoly extracts all surplus from consumers, yielding higher profits than any other pricing method when it e