1.A monopoly a market model in which just one firm : 1413827
1.A monopoly is a market model in which just one firm sells a product with no close substitutes.
2.Economies of scale, control over a scarce input, and patents are all examples of barriers to entry.
3.If an industry experiences economies of scale in production, then entry into the market by other firms is easy.
4.A patent issued by the government, gives a firm monopoly power on certain products or discoveries.
5.A regulated monopoly is a monopoly which can charge any arbitrary price for its product.
6.Monopolization is a process by which the government restricts the growth of monopoly firms.
7.A monopolist’s demand curve is less elastic than a perfect competitor’s demand curve.
8.The marginal revenue curve of a monopolist firm coincides with its average revenue curve.
9.A monopolist always produces on the elastic portion of the demand curve.
10.If a monopolist is producing at a point at which marginal revenue is greater than marginal cost, it should decrease the level of production.