1. Generally, a major difference between a monopoly and a competitive market is: a Monopolies generate higher total surplus than competitive markets b. Monopolies have government oversight while competitive markets follow the rules of laissez-faire Monopolies supply many goods while competitive markets usually only supply one good d. Monopolies have more market power than suppliers in competitive markets 2 . Because Queen's music is protected under copyright, they can set a high price for the use of their songs in movies, commercials, and commercially sold products. The barrier to entry in this example would best be described as: a. Economies of Scale b. . Legal/Government Created C . Control of Scarce Resources a. Customer Loyalty 3. The American Tobacco Company was found guilty of violating the Sherman Antitrust Act because of fierce consolidation of nearly the entire American tobacco industry, roughly 150 factories in total. The barrier to entry in this example would best be described as: a. Technological Superiority b. Legal/Government Created C. Control of Scarce Resources d. Customer Loyalty 4. Google has argued they are not in violation of the Sherman Antitrust Act because, despite owning 92% of the market for search engines, people have easy and free access to use another search engine. The barrier to entry in this example would best be described as: a. Economies of Scale b. Legal/Government Created Control of Scarce Resources d. Customer Loyalty 5. Without barriers to entry, monopolies would not exist because of which basic principle of economics: a. Resources are scarce b. The real cost of something is what you must give up to get it c. Most decisions are made at the margin d. People exploit opportunities to make themselves better off