11/13 notes

Question 1

barriers

Answer 1

govnt grants licenses and regulates monopolies
-franchise
-high start up cost of other obstacles thtat prevent new competitors from easily entering indust

Question 2

monopoly

Answer 2

1 firm (no entry)

Question 3

two types of monopolies are

Answer 3

-regular monopoly
-natural monpoly

Question 4

why does the government often make regulations

Answer 4

to protect particular firms industries and occupations from would be competitors

Question 5

franchised monopolies

Answer 5

sere as a barrier because of high initial investment cost, strict franchise agreements, limited access to resources and lack of brand recognition

Question 6

natural monpoly

Answer 6

market forces allow one player in market to become the only in market to become the oly player in certain industry without stifling competition

Question 7

regular monopolies

Answer 7

created when a. company controls the market by eliminating the competition

Question 8

merger

Answer 8

combines 2 separate businesses into a new single entity