monopoly

Question 1

number of businesses

Answer 1

ONE seller whose output represents industry output

Question 2

nature of the product

Answer 2

unique with no close substitutes

Question 3

market entry

Answer 3

entry is blocked by barriers such as patent ls and ownership of scarce resources

Question 4

control over price

Answer 4

have considerable control over prices (price maker)
limited by demand and the goal of wanting to maximize profit

Question 5

demand curve

Answer 5

slopes downward
serves as the industry demand curve

Question 6

profit

Answer 6

economic profit in short run and long run
firm is protected by barriers to entry no firms can be attracted by the short run profit amd manage to enter the market

Question 7

collusion

Answer 7

irrelevant there is only one seller in the market

Question 8

productive efficiency

Answer 8

inefficient: ac of production is high

Question 9

allocative efficiency

Answer 9

inefficient: produces lower quantities than what the consumer ask

Question 10

decision making

Answer 10

independent