Answer the following questions: 1. What is a Monopoly? 2. Explain the difference between Price Takers and Price Makers. 3. Why are there no Substitutes
Answer the following questions:
1. What is a Monopoly?
2. Explain the difference between “Price Takers” and “Price Makers.”
3. Why are there no Substitutes in a Pure Monopoly?
4. What are “Economies of Scale?”
5. How can Economies of Scale function as a Barrier to Entry?
6. What is the downside of the government offering Patent protection according to the book?
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Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
7th edition
9780132776073, 132776014, 978-0132776011
