43. If your farm has the only known source of a rare cocoa bean needed to make c

Question

43. If your farm has the only known source of a rare cocoa bean needed to make chocolate-covered peanuts, your monopoly would result from ______.
A.sunk costs
B.location
C.restricted ownership of inputs
D.government restrictions

44. A government-restrictions monopoly is most likely to result if a single firm:
A.is the only seller in a small town or community.
B.is investor-owned, but granted the exclusive right by the government to operate in a market.
C.experiences long-run increasing economies of scale over a wide range of output.
D.has gained control over a strategic input of an important production process.

45. A monopoly can be temporary because of:
A. high barriers to entry.
B. privileges granted by the government.
C. economies of scale.
D. economic profits, which attract rivals.

49. A statement that best reflects an evaluation of monopoly firms is that:
A) they are economically efficient.
B) they have little or no market power.
C) consumers are given more choices, lower costs, and larger quantities.
D) regulation is sometimes a solution to monopolies.

50. A statement that best reflects an evaluation of monopoly firms is that:
A) they are economically inefficient.
B) they have little or no market power.
C) consumers are given more choices, lower costs, and higher quality.
D) competition should replace all monopolies.

51. A statement that best reflects an evaluation of monopoly firms is that:
A) they have a great deal of market power.
B) they are economically efficient.
C) consumers are given more choices, lower costs, and higher quality.
D) competition should replace all monopolies.

Explanation / Answer

C.restricted ownership of inputs

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