Monopoly
Monopoly pt. 2
Other
Market Structures
Market Structures
Apple
Monopoly
(board game)
(board game)
200
Example of a legal barrier of entry?
a patent or trademark
200
Price makers or price takers?
Price makers
200
Are firms in perfect competition price makers or price takers?
Price takers
200
Who is the CEO of Apple?
Tim Cook
200
How much money do you receive after passing go?
$200
300
What is the main competition of monopolistic firms?
None, monopolies have no competition
300
Name 2 reasons why barriers to entry are high in this market
legal barriers (patents/trademarks), brand loyalty, anti-competitive behavior
300
In which form of market structure would price be the key factor when competing?
Perfect Competition
300
When was apple founded?
1976
300
What is the name of the most expensive property?
Boardwalk
400
The monopolist can set a price well above the competitive supply and demand level by
restricting output
400
Draw a monopoly graph
400
What is a perfectly competitive firm’s profit maximizing quantity?
when P=MC
400
Who is the father of the CEO of Apple?
Donald Cook
400
What color are the houses in the classic version of Monopoly?
Green
500
A natural monopoly is MOST likely to occur whenever
production costs decline with output
500
What is true about the market demand and the firm's demand in a monopoly?
They are the same
500
Describe the demand curves for perfect competition versus monopolistic competition
Perfect competition - horizontal
Monopolistic competition - downward sloping
500
How many units did the IPhone 7 sell during the first quarter of 2017? (nearest million)
21.5 million
500
Name the 6 original monopoly pieces
Battleship, Boot, Cannon, Thimble, Top Hat, Iron