ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All of them
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A majority of them
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Only a few
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None of the above
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Detailed explanation-1: -The characteristics of monopoly include: (1) one firm, (2) one product, and (3) no entry (Table 5.1).
Detailed explanation-2: -Legal monopolies do exist, but they are in decline. Energy companies still hold monopolies in America and Europe. The USPS is a form of a legal monopoly in America. The 1890 Sherman Antitrust Act was created to break up unfair monopolies in the United States.
Detailed explanation-3: -What Industry Is an Example of Monopolistic Competition? Monopolistic competition is present in restaurants like Burger King and McDonald’s. Both are fast food chains that target a similar market and offer similar products and services.
Detailed explanation-4: -Monopoly Example #1 – Railways. Monopoly Example #2 – Luxottica. Monopoly Example #3-Microsoft. Monopoly Example #4 – AB InBev. Monopoly Example #5 – Google. Monopoly Example #6 – Patents. Monopoly Example #7 – AT&T. Monopoly Example #8 – Facebook.