The fundamental source of monopoly power is...?
Question 1. The fundamental source of monopoly power is a
a. barriers to entry.
c.decreasing average total cost.
d.a product without close substitutes.
Question 2.Which of the following are necessary characteristics of a monopoly?
(i)The firm is the sole seller of its product.
(ii)The firm's product does not have close substitutes.
(iii)The firm generates a large economic profit.
(iv)The firm is located in a small geographic market
Question 3. Which of the following is nota reason for the existence of a monopoly?
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