Features of Monopoly
Economics ⇒ Markets and Price Determination
Features of Monopoly starts at 11 and continues till grade 12.
QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Features of Monopoly.
How you perform is determined by your score and the time you take.
When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 11
Define monopoly in the context of market structures.
Describe how a monopoly determines the price and output level.
Describe the relationship between price and marginal revenue in a monopoly.
Explain the concept of 'no close substitutes' in monopoly.
Explain the concept of price discrimination in monopoly.
Explain the concept of 'price maker' in monopoly.
Explain the impact of monopoly on consumer choice.
Explain the role of government in creating monopolies.
Which of the following best describes the product in a monopoly? (1) Differentiated, (2) Homogeneous with close substitutes, (3) Unique with no close substitutes, (4) Standardized
Which of the following is a barrier to entry in a monopoly? (1) High start-up costs, (2) Perfect information, (3) Many sellers, (4) Homogeneous products
Which of the following is a feature of monopoly? (1) Many buyers and sellers, (2) Single seller, (3) Free entry, (4) Perfect substitutes
Which of the following is a feature of monopoly? (1) Many sellers, (2) Homogeneous product, (3) Single seller, (4) Free entry and exit
Fill in the blank: In a monopoly, the demand curve faced by the firm is _______ sloping.
Fill in the blank: In a monopoly, there are _______ sellers in the market.
Fill in the blank: In monopoly, the average revenue curve is the same as the _______ curve.
Fill in the blank: In monopoly, the firm is the _______ of the product.
State whether the following statement is true or false: A monopoly can influence the price of its product.
State whether the following statement is true or false: In a monopoly, the firm and the industry are the same.
State whether the following statement is true or false: Monopoly always results in higher prices for consumers compared to perfect competition.
State whether the following statement is true or false: Monopoly leads to allocative inefficiency.
