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ECON 1000 Lecture Notes - Lecture 7: Marginal Revenue, Average Cost, Natural Monopoly

Canada

Introduction to Economics: Microeconomics

Economics

George Georgopoulos

York University

Exploring the Functions of Business

Sexing the Subject: Sexuality from a Cross-Cultural Perspective

Introduction to Economics: Macroeconomics

Modes of Reasoning: Reasoning About Social Issues

Technology and Civilization

<div>When the demand for a good or service limits the quantity that can be sold <span data-chquestiondiv='{"question_id": 14, "top": 177,  "bottom": 191, "left": 78, "right": 351.25}'>to an output at which the </span><span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'>firm experiences economies of scale, the ____.</span>
</div>
<div> </div>
<div><span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'><span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'>A) firm is a single-price monopoly</span></span></div>
<div><span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'><span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'> B) good that the industry produces has close substitutes</span></span></div>
<div><span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'><span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'> C) firm is a natural monopoly </span></span></div>
<div>
<span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'><span data-chquestiondiv='{"question_id": 14, "top": 191,  "bottom": 205, "left": 78, "right": 344.25}'>D) firms are protected from competition by a legal barrier</span></span>
<p> </p>
</div>

<p>A monopoly is characterized by all of the following except</p>
<p>a. there are only a few sellers each selling a unique product. </p>
<p>b. entry barriers are high. </p>
<p>c. there are no close substitutes to a firm's product.</p>
<p>d. the firm has market power.</p>

<div>A monopoly is characterized by all of the following except: </div>
<div> </div>
<div>(i) entry barriers are high. </div>
<div>(ii) there are no close substitutes to the firm's product. </div>
<div>(iii) the firm has market power.</div>
<div>(iv) there are only a few sellers each selling a unique product. </div>
<p> </p>

ECON 1000 Lecture Notes - Lecture 7: Marginal Revenue, Average Cost, Natural Monopoly

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