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A firm that is a "pure monopoly" is:

   

a. A seller of a highly advertised and differentiated product in a market with low barriers to entry in the long-run.
   

b. The only seller of a good for which there are no good substitutes in a market with high barriers to entry.
   

c. The only buyer of unique raw material.
   

d. The producer of a product subsidized by the government.

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019
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Related questions

A monopoly is characterized by all of the following except

a. there are only a few sellers each selling a unique product. 

b. entry barriers are high. 

c. there are no close substitutes to a firm's product.

d. the firm has market power.

A monopoly is characterized by all of the following except: 
 
(i) entry barriers are high. 
(ii) there are no close substitutes to the firm's product. 
(iii) the firm has market power.
(iv) there are only a few sellers each selling a unique product. 

 

What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be:

A. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.

B. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market

C. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market.

D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market.

E. many buyers and a small number of firms that compete, selling differentiated products, and barriers to new firms entering the market.

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