《江西财经大学微观经济学试题库》chapter 13.docVIP

Microeconomics, 10e (Parkin) Chapter 13 Monopoly 1 Monopoly and How it Arises 1) A monopoly has two key features, which are ________. A) barriers to entry and no close substitutes B) franchises and barriers to entry C) barriers to entry and close substitutes D) close substitutes and no barriers to entry Answer: A Topic: How Monopoly Arises Skill: Recognition Question history: Previous edition, Chapter 13 AACSB: Reflective Thinking 2) A monopoly is best defined as a firm that A) produces a good or service for which no close substitute exists and which is protected by a barrier that prevents other firms from selling that good or service. B) purchases its resources from only one supplier because of a barrier preventing it from buying from other suppliers. C) produces a good or service for which no close substitute exists and that sells all its output to one buyer because there is barrier preventing other buyers from purchasing the good or service. D) cannot control the price it sets for its good or service because there is barrier that prevents the firm from changing the price. Answer: A Topic: How Monopoly Arises Skill: Recognition Question history: Previous edition, Chapter 13 AACSB: Reflective Thinking 3) Which of the following is NOT a characteristic of a monopoly? A) a single firm B) no close substitutes for the product produced C) barriers to entry D) easy entry and exit Answer: D Topic: How Monopoly Arises Skill: Recognition Question history: Previous edition, Chapter 13 AACSB: Reflective Thinking 4) Which of the following is a characteristic of monopoly? A) The firm faces competition from a few other firms. B) The firm produces a product that has many close substitutes. C) There are barriers to enter the market. D) The firms demand curve is perfectly elastic. Answer: C Topic: How Monopoly Arises Skill: Conceptual Question history: Previous edition, Chapter 13 AACSB: Reflective Thinking 5) Which of the following statements about a monop