Monopoly
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | Sole supplier in the industry, Controls either price or quantity supplied, Maximises profit, Barriers to entry.
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| show | Legal/Statutory Monopoly, Ownership of a Patent/Copyright, Ownership of Raw Materials, Economies of Scale/Large capital investment, Cartels/Collusions, Mergers/Takeovers, Brand proliferation.
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| What shape is a demand curve facing a monopolist? | show 🗑
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| show | Downward sloping but is declining faster than the demand curve.
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| Outline the equilibrium position facing a monopolist in relation to SNP, Price and Equilibrium? | show 🗑
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| Outline the equilibrium position facing a monopolist in relation to cost of production and scarce resources? | show 🗑
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| Outline three similarities between imperfect competition and monopoly? | show 🗑
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| Outline one difference between imperfect competition and monopoly? | show 🗑
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| show | Economies of scale,Guaranteed supply of product/service,Secure employment,Reduced use of scarce resources,Potential for innovation/Research and development.
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| show | Exploitation of consumers,Inefficient use of scarce resources, The production of fewer goods at a higher price than perfect competition, Less efficient/innovative.
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| What regulates monopolies? | show 🗑
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| show | Is the removal of government controls from an industry or sector to allow for a free and efficient market place, e.g. The airline industry.
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| Outline reasons how can state companies who are often cited as being inefficient achieve greater productivity? | show 🗑
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| Define privatisation? | show 🗑
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| Define nationalisation? | show 🗑
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| show | Efficiency, Price, Output, Profits,Demand Curve.
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Created by:
deborahh
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