The fundamental source of monopoly power is...?

Question 1. The fundamental source of monopoly power is a

a. barriers to entry.

b.profit.

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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