Multiple Select QuestionSelect all that applyWhich of the following are assumptions made in the model of pure monopoly?Multiple select question.Patents, economies of scale, and resource ownership secure the firm's monopoly.The firm is a multi-price monopolist and charges different prices for all units of output.No unit of government regulates the firm.The government regulates the firm.The firm is a single-price monopolist and charges the same price for all units of output.

Multiple Select QuestionSelect all that applyWhich of the following are the main characteristics of a pure monopoly?Multiple select question.Control over the pricePresence of a single sellerAvailability of multiple substitutes of its productsEase of entry for other firmsUnavailability of close substitutes for its productsBlocked entry for other firmsPresence of at least two sellers

Multiple Select QuestionSelect all that applyWhy do costs differ between a purely competitive firm and a pure monopoly?Multiple select question.Access to different natural resourcesDifferent skill levels of laborA factor called "X-inefficiency"Economies of scale

Multiple Select QuestionSelect all that applyWhich of the following are typical characteristics of monopolistic competition?Multiple select question.No collusionMutual interdependenceSmall market shareIndependent actionFew firms

Multiple Select QuestionSelect all that applyWhich are reasons that costs differ between a purely competitive firm and a pure monopoly?Multiple select question.Access to different natural resourcesMonopoly-preserving expendituresDifferent skill levels of laborThe "very long run" perspective

Pure monopoly is characterized by which of the following?Multiple select question.One firm is the sole seller of a product or serviceFirms can enter and exit the industry very quicklyOne firm constitutes the entire industryNo effort is made to differentiate the product being sold