Sellers
How many sellers are in a monopoly?
1
True or False: It is fairly easy to join this type of market
FALSE
What is a government monopoly?
A monopoly in which a government agency or government corporation is the sole provider of a particular good or service and competition is prohibited by law.
What does it mean to be productively efficient?
This is a situation where the economy could not produce any more of one good without sacrificing the production of another good and without improving the production technology.
What sport does Sojka play?
Soccer
What does a network effect show?
Network effects can be used as evidence of monopoly power by showing that an industry has high barriers of entry
What is a patent?
A grant made by a government that allows the creator of an invention the sole right to make, use, and sell that invention for a set period of time.
Name 3 of the 10 types of monopolies.
Perfect, imperfect, private, public, simple, discriminating, legal, natural, technological, and joint
What is allocative efficiency?
Allocative efficiency is a state of the economy where production represents consumer preferences!
Where does Sojka live?
Bellingham
Why is it so hard to enter a monopoly?
It is expensive, and one company already has all the market share, so it is hard to get any of it
What is a franchise?
A contract issued by the local authority that gives a single firm the right to sell its goods, within an exclusive.
Market that runs most efficiently, when one large firm provides all the output.
A natural monopoly
Why do economists view monopolies to be so inefficient?
The monopoly pricing creates a deadweight loss because the firm forgoes transactions with the consumer. Since there is no competition, the company can produce less units at a much higher price to consumers. Abuse of power can lead to market failure.
What is Sojka's middle name?
Jan
What is the origin of Sojka?
Slovakia
What is Sojka's favorite state capital?
Little Rock, Arkansas