11) Florida Power & Light has a monopoly on the production of electricity in Sou

Question

11) Florida Power & Light has a monopoly on the production of electricity in South Florida. a)True for all analyses b) False for all analyses c) It depends on the context of the analysis d) all of the above e)none of the above 12) A neighborhood gasoline station is an example of a) monopoly b) oigopoly c) imperfect competition d) perfect competition e) public goods market 13) A commodity market with no single large supplier is an example of a) monopoly b) oligopoly c) imperfect competition d) perfect competition e) public goods market 15) From a technical standpoint, electronic information goods, like PDFs, MP3s, videos, etc. are examples of a) monopoly b)oligopoly c) imperfect competition d) perfect competition e) public goods market

Explanation / Answer

11. c) It depends on the context of the analysis.

(Florida Power & Light has monopoly power within the service area and hence depends upon the context, source and nature of the anti-competitive restraint at issue)

12. c) Imperfect competition.

(Because, the neighbourhood station sells a slightly different brand and is the producer of that brand)

13. Perfect competition.

(A market with many sellers and large buyers, where no single firm has control of the market)

15. c) Imperfect competition.

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