ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Natural
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Geographic
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Technological
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Government
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Environmental
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Detailed explanation-1: -Answer and Explanation: The correct answer is d. lettuce farmers. They sell identical products while in a monopolistic competition market, there is product differentiation.
Detailed explanation-2: -The correct answer is: c. Free entry and exit are not characteristics of a monopoly. In a monopoly there is only a single seller and competition doesn’t exist.
Detailed explanation-3: -Natural Monopoly. Only one company providing a public good or service. Technological Monopoly. When a single firm has exclusive rights over the technology used to manufacture it. Geographic Monopoly. Government Monopoly. Least Threat: Four Types of Monopolies.
Detailed explanation-4: -#1 – Simple monopoly. #2 – Pure monopoly. #3 – Natural monopoly. #4 – Legal monopoly. #5 – Public or industrial monopoly. #1 – Maximizes profits. #2 – Sets prices. #3 – Poses high entry barriers. More items